Introduction to Economic and Decision Making

Economics is the study of how individuals, businesses, and societies allocate limited resources to satisfy unlimited wants.Microeconomics focuses on the behavior of individual agents, such as consumers and firms, while macroeconomics examines the overall economy, including factors like inflation, unemployment, and national income.The economic problem of scarcity arises because resources are finite, and choices must be made regarding what to produce, how to produce, and for whom to produce.