introduction to principles and practices of economics
this book provides a foundational overview of the key concepts, principles and real-world applications of economics. it introduces learners to both microeconomics, exploring topics such as supply and demand, market structures, opportunity cost, economic systems ,fiscal policy and globalization each topic is designed to build your understanding of how economies function and how economic decisions affect individuals, business, and governments. ideal for beginners, this resource combines theoretical insights with practical examples to help students apply economic thinking in everyday life.
Economics is the study of how individuals, business, government and societies make choices about how to allocate scarce resources to satisfy unlimited wants and needs.
since resources like time, money, labor and raw materials are limited , economics helps us understand how people decide what to produce, how to produce it and for whom it is produce.
economics have 2 main branches;
a)microeconomics: focuses on individual and business decisions (e.g., pricing, supply, demand.)
b)macroeconomics : looks at the economy as a whole (e.g., inflation, unemployment, GDP)
distinctions between needs and wants
| feature | needs | wants |
| importance | essential for survival | optional |
| quantity | limited and predictable | unlimited and ever-changing |
| priority in spending | comes first in budgeting | considered after needs |