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WHAT IS ECONOMICS? - Cengage Learning

Thomson Learning Economics. The word conjures up all sorts of images: manic stock traders onWall Street, an economic summit meeting in a European capital, a somber television news anchor announcing good or bad news about the probably hear about economics several times each day. what exactlyis economics? First, economics is a social science, so it seeks to explain something about this sense, it has something in common with psychology, sociology, and politicalscience. But economics is different from these other social sciences, because of whateconomists study and how they study it. Economists ask fundamentally different ques-tions, and they answer them using tools that other social scientists find rather , SCARCITY, AND CHOICEA good definition of economics, which stresses the difference between economicsand other social sciences, is the following:This definition may appear strange to you.

Thomson Lear ning™ E conomics. The word conjures up all sorts of images: manic stock traders on Wall Street, an economic summit meeting in a European capital, a somber

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