I love reading your comments on my blogs. It helps me understand how people think. I should have started at the beginning. It is important to understand that Economics is a Behavioral/Social science. Economics is about how people make choices and the collective effect those individual choices have on society as a whole. It is to a large extend based on quantitative data.Continue reading “Economics”
Households must make three basic decisions:
- How much of each product or service to demand.
- How much labor to supply
- How much to spend today and how much to save for the future