| Economics is a social science dealing with the management of scarce resources. Consumers within society have unlimited needs and wants, but there is only limited resources in the world available to satisfy their needs and wants and a decision must be made on how to use limited resources. As a result of making a choice, an opportunity cost results from the next forgone option.
There are two main forms of economics:
- Microeconomics deals with specific businesses, commodities or people and the prices of goods and services.
- Macroeconomics is a more generalized study, focusing on Gross National Product, inflation, exchange rates, employment levels and other measures of a national economy, and how they can be managed for high growth and low levels of inflation and unemployment.
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