what is Economics

what is economics

• The study of how people seek to satisfy their needs and want's by making choices.
• About solving the problem of scarcity.
• It is allow the study of human choices.

THE BASICS OF ECONOMICS

• Need: some thing like air, food,or shelter that necessary for survival.
• Services: are work that one person performs for another for payment.

Labor

Economics

• Labor: is all of the human efforts used to produce goods and services.

Scarcity

Economics

• Scarcity: exists when there are not enough resources to satisfy human wants.

Consumer

Economics

• Consumer: is a person who buys or uses goods or services.