The Word Economy Comes From…

• The Greek word for “one who manages a household.”
• Economics is a social science and it is the study of how society manages its scarce resources.
• Therefore, Economic is the science of choice – the science that explains the choices that we make and how those choices change as we hope with scarcity.
• All economic choices can be summarized in big questions about the goods and services we produce.
• These questions are: What? How? When? Where? Who?
• What goods and services are produced and in what quantities?
• How are goods and services produced?
• When are goods and services produced?
• Where are goods and services produced?
• Who consume the goods and services that are produced?
• These five big economic questions give you a sense of what economics about. They tell you about the scope of  economics. But they don’t tell you what economics is.