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Simple English definitions for legal terms
economics
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A quick definition of economics:
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.
A more thorough explanation:
Definition: Economics is a social science that studies how goods and services are produced, distributed, and consumed.
Examples:
- When a company decides to increase the price of their product, they are using economic principles to determine how much consumers are willing to pay and how much profit they can make.
- When a government decides to invest in infrastructure, such as building roads or bridges, they are using economic principles to determine how to allocate resources and create jobs.
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