What is the study of money, goods, and services called?
Economics is the study of how individuals, businesses, and societies make decisions when allocating resources. It looks at how an economy produces, distributes, and consumes goods and services. It also examines how governments, businesses, and people interact to decide how resources are used.
Introduction to Economics
Supply and Demand: The interaction between buyers and sellers in a market, where sellers attempt to sell their goods or services at the highest price, and buyers attempt to buy at the lowest price. Gross Domestic Product (GDP): A measure of the total value of all goods and services produced in a year within a country. Inflation: A sustained increase in the average price level of all goods and services in an economy over a period of time.
Do you think the economy is better off with higher taxes or lower taxes?
The concept of economics was first developed by Thomas Aquinas in the 13th century. The world's first university chair of economics was established at the University of Naples Federico II in 1224. The world's first monetary system dates back to the Sumerian civilization around 4,000 BC.
Did you know?
What is the difference between Needs and Wants?
What is the role of Producers and Consumers in the Economy?
Brain Break: Design your own $50 note.
What are some examples of Goods and Services that you have seen in everyday life?
What do you think Global Economics, Imports and Exports mean for our country?