What Is Economics

Economics affects all of us, whether we understand how it does this or not. Economics is a science that deals with the satisfaction of human wants through the use of human wants through the use of scarce resources of production. Since all resources are limited, there never are enough to give individuals they want. The economics system of country must deal with the problem of allocating these scare resources among the competing parties who want them.

An economic system results from the way in which people organize natural resource, labor, and management skill to produce and distribute the things they want. In many ways an economic system makes conflicting demands upon us. It may dictate certain behavior, such as getting a job to provide income, and it may then change the demand for the a good example- years ago there was little demand. At some point in the future we can be sure the demand for engineers will decline again. Individual workers must look out for their own interest-yet may have to join other workers to present a united front to get what they want. The ideal economics system rewards individuals achievement-at the same time it encourages everyone to work together for the benefit of all.