Economics is the study of human interaction in a world of scarce resources and never ending wants; or the study of limited means applied to unlimited wants. We see this every day whether we want the bottomless bag of popcorn at the movie theater or a swimming pool in the backyard. While we may want the swimming pool amongst many other things, we all too often find ourselves short in money, a representation of the amount of scare resources we can own.
As a result of scarcity, we are forced to make choices both big and small. These choices are the very study of economics. Economics is not merely tedious number crunching of large data sets, but extends in to all aspects of everyday life. The fundamental principles of economics are universal and can be used for determining outcomes in public policy decisions, fluctuations of prices, and more. Continue to read this blog and you will learn the many invaluable laws of economics that can be used without limits no matter who you are and no matter what you do. By mastering economics, you will ascertain a thorough understanding of how the world works around you.
