Simple English definitions for legal terms
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Economics is a subject that helps us understand how things are made, how they are shared, and how people use them. It is like a puzzle that helps us figure out how to make the best use of our resources, like money, time, and materials. By studying economics, we can learn how to make good choices about what we buy, how we work, and how we live our lives.
Definition: Economics is a social science that studies how goods and services are produced, distributed, and consumed.
Examples:
These examples illustrate how economics is used to make decisions about how resources are used and how goods and services are distributed. By understanding economic principles, individuals and organizations can make informed decisions about how to best allocate their resources and achieve their goals.
Economic Research Service | Economics and Statistics Administration