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Economics is the social science that studies the production distribution exchange and consumption of goods and services The study of economics focuses on how individuals corporations and societies choose to use the scarce resources provided by nature and previous generations Scarce resources provided by nature that societies choose to use include oil land water and time These elements are important to the economy because oil land and water provide money for the market The more they are used the more scarce they become the higher the demand for them the higher the prices go Time plays an important role in this cycle because there is not a lot of time before resources run out Time is important because people need to use it in the best way that they can For example if a machine makes one thousand products in one day and there is an order for one thousand and two hundred what does the owner of the company do He can either stay late to make the extra two hundred but he would have to pay the workers overtime which is time and a half and that would cost him money His other option would be to wait until the next day but then he might loose business because the order was for one thousand and two hundred for that day Scarce resources provided by previous generations that societies choose to use are people labor banking machines roads bridges and transportation These resources are important to the economy because they are what keeps the market economy going at a steady pace The roads bridges and transportation provide a way for the people to get to their destination while banking and labor keep the people going to their jobs Economists study the ways people earn a living and provide for their material needs They study how people behave as a result of a change in price income or other variables Many are employed
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