What Economics Is All About<br>= Scarcity: the limited nature of society's<br>resources<br>= Economics: the study of how society manages<br>its scarce resources, e.g.<br>* how people decide what to buy,<br>how much to work, save, and spend<br>* how firms decide how much to produce,<br>how many workers to hire<br>* how society decides how to divide its resources<br>between national defense, consumer goods,<br>protecting the environment, and other needs<br>