Comprehensive Economics Tutorial
Budget: $15 – $25 USD
What is Economics?
Economics is the study of how people use limited resources to satisfy their needs and wants.
In simple terms:
We don’t have everything we want, so we must make choices.
Economics helps us understand those choices.
Basic Ideas in Economics
1. Scarcity
Resources (like money, time, food) are limited.
Because of this, we cannot have everything we want.
2. Supply and Demand
Supply = how much of something is available
Demand = how much people want it
If demand is high and supply is low → prices go up
If supply is high and demand is low → prices go down
Types of Economics
Microeconomics
Focuses on individuals and small businesses
Example: Why is the price of a phone expensive?
Macroeconomics
7
Focuses on the whole economy (a country or the world)
Looks at things like:
Inflation (rising prices)
Unemployment
Economic growth
Important Economic Concepts
Inflation: Prices increase over time
GDP (Gross Domestic Product): Total value of goods and services produced in a country
Unemployment: People who want jobs but don’t have one
Why Economics Matters
Economics helps people:
Make better decisions with money
Understand prices and wages
Learn how governments manage the economy
Economics is the study of how people use limited resources to satisfy their needs and wants.
In simple terms:
We don’t have everything we want, so we must make choices.
Economics helps us understand those choices.
Basic Ideas in Economics
1. Scarcity
Resources (like money, time, food) are limited.
Because of this, we cannot have everything we want.
2. Supply and Demand
Supply = how much of something is available
Demand = how much people want it
If demand is high and supply is low → prices go up
If supply is high and demand is low → prices go down
Types of Economics
Microeconomics
Focuses on individuals and small businesses
Example: Why is the price of a phone expensive?
Macroeconomics
7
Focuses on the whole economy (a country or the world)
Looks at things like:
Inflation (rising prices)
Unemployment
Economic growth
Important Economic Concepts
Inflation: Prices increase over time
GDP (Gross Domestic Product): Total value of goods and services produced in a country
Unemployment: People who want jobs but don’t have one
Why Economics Matters
Economics helps people:
Make better decisions with money
Understand prices and wages
Learn how governments manage the economy