Defining Economics Objective In this lesson, you will Introduction Resources are needed to carry out plans. Examples include: money skills, and tools. What Is Economics? Limited resources: when the quantity of resources available is small and or finite. Example: Tom is short on the needs to way his snow board Decisions based on the availability of resources demonstrates the principle off Economics is the study of how we ruins our Dauties _D wants 2 needs using the limited Key Team resources we have. Economics affects all three levels of society: Personal Business Government Limited resources affect Businesses strategize to use their Officials make decisions based on a individual resources more I number of such as managing time and For example, to decide how resources. money workers they should For example, to decide between employ for a project and how funding a community much to them center or a construction project Economics is a in which all parts are connected and to each other This is known as . Jinterdependence, independence