💰 What is economics?

Economics is about how people use money 💰 and things they have to get what they need or want. Imagine you have some toys 🧸 and your friend has some candies 🍬. If you trade, that's a little bit like economics!

Parents and shops also use money to buy food 🍎, clothes 👕, and toys. It's like a big game where everyone tries to share and get what they need.

Economics is the study of how people make choices to use resources like money, time, and materials. 🏦 It helps us understand why things cost money and how countries grow.

For example, if you save your allowance 💵 to buy a bike 🚲 later, that's a small part of economics! Businesses and governments also make big decisions about what to produce and how to spend money.

Key Ideas:

• Supply & Demand: If many people want a toy, its price might go up! 📈
• Jobs & Work: People earn money by doing jobs, like teachers or doctors.

Economics is a social science that explores how societies manage scarce resources (like money, land, or labor) to produce goods and services. 🌍 It covers everything from personal savings to global trade.

Main Concepts:

• Microeconomics: Studies small-scale decisions (e.g., why a phone’s price drops over time). 📱
• Macroeconomics: Focuses on big-picture issues like inflation or unemployment. 📊

Governments use economics to create policies—for example, taxes fund schools 🏫 and roads 🛣️. Businesses use it to set prices and wages.