So.
Economics itself is basically the study of how we satisfy our endless (especially in the teen years) wants, in a world where nothing is unlimited. Wow, that's a mouthful.
Here are the concepts behind that statement:
-our wants are unlimited. (I mean, I want to get Halo 3, Mass Effect 2, a lifetime supply of cheddar, cheetos.. it never ends!)
-The only problem is that nothing is unlimited here on Earth (the world is only so big..), so we can never really satisfy ourselves.
But it gets worse.. Not only can we never satisfy our needs because of limited materials, those scarce resources that are in demand begin to have value. The less of it there is, the more valuable it is, but only if there's a demand for it. So now we have to give something up in order to get what we want! (think conservation of energy, if that helps at all)
And that brings us to incentives!
Simply put, incentives are the benefits we get from using a product, be they usefulness, happiness, pride, or whatever else you can get from a product (the incentive I have to buy Mass Effect 2 is that it will make me very happy (everyone loves blowing up aliens!)). Those benefits are called utility.
This is getting longer than I hoped, so let's end off with micro- and macroeconomics.
Microeconomics is the stuff you can see that affects the economy, that being of course buying and selling, price fluctuation, etc.
Macroeconomics however, is the really large-scale goings on that you can't really see without the aid of some good old statistics (yaay..) That might include inflation, fiscal policy, international trade, etc.
So there's the summary of my economics class so far, I hope you find it informative!
By the way, if you want to learn some more of the details of these classes, or want to learn more of the financial jargon you might find in the business section, go here! (it'll still be my writing though, so don't get your hopes up..)
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