Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided. Economics is a behavioral, or social, science. It is the study of how people make choices. Economics is the study of how individuals choose to use their limited resources to meet their unlimited wants. This brings forth many of the issues that most people care about, such as the countrys employment prospects, access to health care, the selection of a college major or a country defense system, our battles against AIDS, alcohol abuse and violent crimes.There are four main reasons to study economics: to learn a way of thinking, to understand society, to understand global affairs, and to be an informed voter.The most important reason for studying economics is probably to learn a way of thinking. Three most fundamental concepts of economics are: opportunity cost, marginalism, and efficient markets. If ones study of economics is successful, they will use these concepts every day in making decisions....
