Economics is about money, right? Wrong. Economics is about decision making. Formally, economics is the science and study of how people (individuals and groups) decide to allocate scarce resources to satisfy their wants.
“Resources” might be measured by money, but the decision could just be how to best spend your own time to satisfy your wants. Making such decisions lies at the heart of everything we do from the personal level up through national and world activities. Understanding basic economic laws is crucial to consistently making good decisions. That is why absolutely everyone can benefit from Economics 101 and “the economic way of thinking.”
Although money is not the point in knowing about economics, it is something that facilitates the operation of an economy. There can be good or “sound” money and “bad” money. It is important to understand the difference and many find the subject somewhat confusing. Here is an in-depth treatment of that issue:
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