Very simply, economics is the study of how people and businesses make decisions. Economists have been studying this for years and they have learned that people and businesses tend to behave a particular way based on certain circumstances. An example of how people’s behavior is predictable is: when you touch something hot, you pull your hand back and stop touching it! Economics can be used to understand why people save, borrow, and spend. Understanding why you do the things you do can help you make wise economic decisions.
Supply and Demand
Why do prices for jeans from different companies go up and down at the same time? How come you can't find the the things everyone wants, but you can always find the things that no one wants. Watch this presentation to find out how supply and demand affects your life.
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Marginal Costs and Marginal Benefits View a printable version of this interactivity. |
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Factors of Production View a printable version of this interactivity. |
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Six Economic Fuctions of Government Veiw a printable version of this interactivity. |