Definition of economics

This week in economics class we were reading about the definition of economics. Economics is a social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. We also read how economics can be broken down into macroeconomics. Macroeconomics is the study of individual economic units such as households and firms. We also learned about economic growth and Economic development. Economic growth is an increase in the quantity of resources. Economic development is a qualitative measure of a country’s standard of living which takes into account many factors such as education and health. I kind of enjoyed this topic. It was nice to learn something new.