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Frequently Asked Questions

What are the different types of economics?

The two branches of economics are microeconomics and macroeconomics. Economics focuses on efficiency in production and exchange. Gross Domestic Product (GDP) and the Consumer Price Index (CPI) are widely used economic indicators.

What is the purpose of economics?

Economics is the study of scarcity. It's how people interact with value. Economics gives you tools to understand how people produce, distribute, and consume goods and services. By applying economic theory, you can make well-reasoned business decisions. You can better understand competitive forces.

What is the modern definition of economics?

Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future amongst various people and groups of society.

How does economics help us understand scarcity?

Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

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