This economics guide is designed to introduce you to the key concepts that govern the choices we make, the systems we use, and the world around us. Whether you're a curious student or someone who wants to understand economic news, here's your roadmap
Economics
Wants: Definition and Examples
What's it: Wants are hopes to have or fulfill something. If we want something, we expect to be able to buy it and have it. It's a felt need shaped by our knowledge, culture, personality, marketing, and preferences. Unlike needs, wants are
Needs: Definition, Example, Type
What's it: Needs means requiring something because it is essential. For example, we need food, water, and shelter to sustain our survival. Without food, for example, we can die. In the introduction to economics, we will find economists
What is the Difference Between Needs and Wants?
The difference between needs and wants lies primarily in how essential they are to our survival. We must meet the needs to support daily activities. On the other hand, we don't always have to fulfill wants because they are less essential. At most,
Economics: Key Concepts and Its Importance
Economics is a social science about the allocation of scarce resources to meet unlimited human needs. It discusses production, consumption, and distribution. In a broader scope, it also discusses the variables that explain and influence the working
Why is economics a social science?
Paul Samuelson, an economist, said, "economics is the queen of the social sciences." It reveals various aspects of human behavior and interaction, whether as individuals or groups when faced with scarcity. Before discussing how economics is