Monthly Archive: April 2015

What is Economics?

“Economics” is such a big word that it is hard to believe that it can be understood. First, we will look at the explanation of economics. Next, we will break each word down so we can understand it. After that, we will put all the words together and come up with a definition that we can all understand. First, economics is the efficient allocation of scarce resources. Don’t panic; we’ll break it down. Efficient. Efficiency is when you get the most done in the least amount of time. For example, being efficient with homework means that you finish all the...