Because resources (time, money, materials) are limited, every choice involves a trade-off.
Looks at the "big picture," including national and global trends like inflation, unemployment, and economic growth (GDP). 🔑 Key Principles to Remember economic
Studies individual decisions and market interactions, such as why you buy a specific product or how a business sets prices. Because resources (time
People respond to rewards and penalties, which drive market behavior. materials) are limited
Analysts use these metrics to measure the "health" of an economy: What Is Economics?
The field is traditionally divided into two main categories: