Description

The introduction explains that economics is the study of how people, businesses, and societies make choices when resources are limited. The authors emphasize that economics is not only about money or markets but about understanding everyday decisions, trade-offs, incentives, and the consequences of choices.

The authors introduce the idea that every decision is an economic decision because individuals and organizations must decide how to use scarce resources. The introduction encourages students to develop economic intuition by examining real-world situations and asking how choices are influenced by costs, benefits, incentives, and constraints