Introduction to Economics

Social science is not only political science, psychology, sociology, anthropology, and history. Economics is also a social science.

Economics is a social science dealing with scarcity and choice. It studies humans and their behavior. The focus is on how they allocate resources to satisfy their needs and wants.

Economics is an essential social science discipline. Learning about economics does not mean you have to become an economist. By studying it, you will know the everyday phenomena around you. For example, what happens to employment if the government increases taxes? You will also know when you have to save more than you consume.

If you are a business owner, knowledge of economics is vital in making decisions. What happens to the demand for your product if you increase the selling price? How sensitive will your customers respond to it? How much do you have to sell the product to make a profit? At what price?