Economics is the study of scarcity and its are the raw materials in the production

implications for resource use, the production of process

goods and services, the growth of production
and welfare over time, and a wide range of
other complex issues of critical concern to
society. Economics is a social science with
stakes in many other fields, including political
science, geography, mathematics, sociology,
psychology, engineering, law, medicine, and
business.
Scarcity is one of the key concepts of
economics. It means that the demand for a
good or service is greater than the availability
of the good or service. Therefore, scarcity can
limit the choices available to the consumers
who ultimately make up the economy.
A social science is any branch of academic
study or science that deals with human
behavior in its social and cultural aspects.
Usually included within the social sciences are
cultural (or social) anthropology, sociology,
psychology, political science, and economics.
Labor is an important economic resource
because, without it, all raw materials and
equipment owned by the business are
because they cannot be converted to useful
goods. It supplies manpower and knowledge
for businesses. Productivity is also built on
labor and affects both businesses and
workers.
Capital resources include money to start a
new business, tools, buildings, machinery, and
any other goods people make to produce
goods and provide services.
An economic system is a means by which
societies or governments organize and
distribute available resources, services, and
goods across a geographic region or country.
Economic systems regulate the factors of
production, including land, capital, labor, and
physical resources.

Macroeconomics studies how the economy A traditional economic system is rooted in

behaves as a whole, including inflation, price customs, history, and beliefs, shaping goods,
levels, rate of growth, national income, gross services, and distribution in a way that is
domestic product, and changes in employment deeply rooted in history.
rates.

Microeconomics studies the implications of

individual human action and is key to a
person's financial health.

Opportunity cost is a concept in Economics

that is defined as those values or benefits that
are lost by a business, business owners, or
organizations when they choose one option or
an alternative option over another option, in
the course of making business decisions.

Economic resources are things that are

inputs to the production of goods and services
in the economy. There are four economic
resources: land, labor, capital, and technology.

Land includes any natural resource used to

produce goods and services; anything that
comes from the land. Some common land or
natural resources are water, oil, copper,
natural gas, coal, and forests. Land resources