Understanding Economics: Supply, Demand, and Market Equilibrium for Homework

Introduction

1. Introduction to Economics

1.1 What is Economics? Basics Explained

Economics is the science of study concerning how an individual, business, or society has decided to allocate limited resources that will satisfy all unlimited wants and needs. The study further delves into the production, distribution, and consumption of goods and services. Economics is split into two broad branches: microeconomics, which highlights individual decisions and business decisions, and macroeconomics, which puts the consideration of the whole economy as one.

Understanding economics is important since it determines nearly everything in our lives, from what we pay for goods and...