Economics

To start off this page, I’d like to tell what Economics is, before I start writing anything else about it. This definition from Dictionary.com says that Economics is “the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.”

This sounds more complicated than it really is. Almost anything you do is probably related to Economics. For example, when you buy something, sell something, or have a job – those are all related to Economics.

Economics is how you spend your money that you earn. Let’s say you get an allowance of $5.00 a week. You would have a choice to save it, invest it (I’ll be talking more about this later), or spend it.

The definition from Dictionary.com talks about how Economics is the production, distribution, and consumption of goods and services. What are goods and services? Well, everything you have, and everyone you hire is a good or service. Here is my own definition of Goods and Services.

Goods- Items and Merchandise sold at stores. Food, toys, clothes, and any tangible item you can buy.

Services- When you hire people to do a job that you want done, a doctor, a plumber, sport player, and etc…

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4 thoughts on “Economics

  1. Wow! I thought that politics and economics were the same! Thanks so much, E.K.! This really helped me out! Clearly, I need to read more of your posts! 🙂

    Like

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