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1.3.1.3: What Is Economics?

  • Page ID
    58346
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    Learning Objectives

    1. Define economics and identify factors of production.
    2. Explain how economists answer the three key economics questions.
    3. Compare and contrast economic systems.

    To appreciate how a business functions, we need to know something about the economic environment in which it operates. We begin with a definition of economics and a discussion of the resources used to produce goods and services.


    1.3.1.3: What Is Economics? is shared under a CC BY-NC-SA license and was authored, remixed, and/or curated by LibreTexts.

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