1) The science of economics studies business, manufacture, trade, inflation,
unemployment, decisions that are taken by governments, companies, by all of us
every day.
2) While microeconomics deals with companies and households, macroeconomics studies
the economy as a whole.
3) Economic resources include both material resources, such as raw
materials, buildings, and others, as well as intangible resources such as time.
4) Every day we take a lot of decisions and each decision is an exchange
of one resource for another.
5) Economists collect data and on the base of this data, they create economic
models.
6) Economic models show the relationship between various processes in the
economy.
7) Some economists try to explain the behavior of the economy on the base of the
data collected while others suggest the ways of improving the economic
situation.