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Economics is the study of how society manages its resources from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Economics is all about how a society decides to use what it has. This includes everything from money and factories to natural resources like oil and coal. In simple terms, it's about how we manage our resources. And when we talk about resources, we mean everything that can be used to produce goods and services. This could be anything from land and labor to machinery and technology. But managing resources isn't just about deciding what to do with them. It's also about making choices. Because resources are limited, we have to make decisions about how to use them. This means that we have to think about what we want and how best to get it. These choices can be influenced by a number of factors, such as our needs and wants, the availability of resources, and the technology we have access to. In a society, these decisions are made by individuals, businesses, and the government. Individuals decide how to spend their money and time, while businesses decide what goods and services to produce. The government also plays a role by setting rules and regulations that affect how resources are used. All of these decisions are interconnected and can have a big impact on how resources are managed.- Economics is about understanding how these decisions are made and how they affect the well-being of society as a whole. By studying economics, we can learn more about how societies manage their resources and how we can make better decisions in the future. It's a complex field, but at its core, it's all about how we use what we have to create a better world for everyone.
