A modern definition is that economics is about how people respond to incentives in the environment in which they find themselves. Traditionally economics is about scarcity and choice. The planet has scarce resources and economists are concerned about using these resources in the most efficient way. If we make the best use of the resources, it is in all our interests. Economics develops theories that allow us to understand the complexities of the real world and help us to use the resources more efficiently.
Name: AS Economics Qualification title: - Qualification type: GCE A/AS Level or equivalent Assessment Awarding - Created 20150925 16:44:31 Updated 20150925 16:44:31
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Invicta Grammar School
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