Economics is the study of how people, businesses, and governments manage to satisfy unlimited wants and needs. 🏗️ Core Pillars of Economics
People respond to rewards and penalties, which drive market behavior.
The cost of something is what you give up to get it (e.g., the cost of a movie is the time you could have spent working).
Because resources (time, money, materials) are limited, every choice involves a trade-off.
Studies individual decisions and market interactions, such as why you buy a specific product or how a business sets prices.