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?
Topics on Introduction to Economics
- Basic Economic Questions
- Behavioral Economics
- Command Economy
- Economic Efficiency
- Economic Problem
- Economic Resources
- Economic System
- Financial Economics
- Free Market
- Market Economy
- Mixed Economy
- Opportunity Cost
- Opportunity Cost
- Production Possibilities Curve
- Public Goods
Latest Articles on Introduction to Economics
- Three Basic Economic Questions and Resource Allocation
- What Are the Consequences of Scarcity in Economics?
- Does Scarcity Only Work For The Poor? What Causes Scarcity?
- Injections and Leakages in the Circular Flow of Income: Examples and Impacts
- Wants: Definition and Examples
- Needs: Definition, Example, Type
- What Entrepreneurship Means. Why Does It Matter?
- 4 Types of Capital in Economics and Business
- What is Capital in Economics as a Factor of Production
- What Are the Effects of Industrialization? [Positive and Negative Impacts]
- What are the rewards for factors of production?
- Why is Money Not an Economic Resource?