Foundations of Real-World Economics

Economics is about understanding how people make decisions about using resources. Resources are anything that can be used to make something or do something. They can include money, land, raw materials, people's time and skills, or anything else that can be used to create something of value. In the real world, these resources are limited and so people need to decide how to best use them to get what they want. Economics looks at the decision-making process and helps us understand how people use resources to get the most out of them. For example, economics can help explain why people might choose to invest their money in one kind of business instead of another, or why different countries might have different levels of economic growth. It helps us understand why some people have more of certain resources than others, and how this can impact the overall well-being of society.