About the Economics Introduction Lesson
This lesson introduces students to economics.
• To be able to identify the difference between goods and services.
• To be able to know the law of scarcity.
• To be able to understand what economics studies and the branches of economics.
• To be able to list the different types of means of production.
• To be able to describe the types of economies.
Ensure the nation?s growth, wealth, and prosperity.
Economics is a social science. It discusses and looks at the choices people make when deciding to buy things or save money. It also looks at the choices that companies make when deciding what to produce.
There are two main types of things that you can buy or consume. There are goods, which are objects you can touch, like music CDs, toys, and books. The other type is services, which are things you cannot touch, such as getting your car washed or going to a movie theater.