Lesson 1: The Definition Of Economics

Definition of ECONOMICS

1a : a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and servicesb : economic theory, principles, or practices <soundeconomics>2: economic aspect or significance <the economics of building a new stadium>3: economic conditions <current economics>


From Encyclopedia Britannica

"economics, Social science that analyzes and describes the consequences of choices made concerning scarce productive resources.

Economics is the study of how individuals and societies choose to employ those resources:

1. What goods and services will be produced,
2. How they will be produced, and
3. How they will be distributed among the members of society."

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Assignment - Time 1 week:

As you go about your daily and weekly activities notice what goods (ice cream?) & services (massages?) you like to purchase verses others.

Think about how these good & services are produced, i.e. what sort of business model makes them available to you and your community for purchase? Farm production? Education? Automated production?

Make notes of your observations in a notebook.