What is economics?

economics

the study of how people deal with scarcity

scarcity

the unavoidable, inescapable fact of life that our resources are limited but our needs are unlimited

human resources

workers, people, skills

capital resources

machines, equipment, computers

natural resources

wood, water, corn, coal, gold, oil

to economize

getting/making the most out of what little they have

economy

the trade system used to satisfy needs