Economics refer to the study that includes factors regarding the usage of resources by people. When we say resources, then it means the talent that people have as well as the time that is made available to them along with various other resources such as the buildings, land, equipments, and various similar handy tools and also the knowledge regarding the contribution of such tools towards the creation of useful products and services.

Some of the most important choices or say decision include determining the time that one needs to devote to his or her work, to school and to other leisure activities. It further involves the decision regarding the amounts of money to be spent over as well as the amounts that need to be saved, combining various available resources in order to produce some of the useful products and services as well as shaping of the levels of taxation along with the government's role.

As a whole economics can be defined as the study of labor, investments, land, of money, incomes and production of the taxes as well as the government expenditures. People who are known as economists are actually the ones who measure all such factors and work towards figuring out the measures that can increase the overtime along with evaluating the overall well being of rich and poor.

Economics helps all examine the trade-offs between the various goals and, thus, anticipate the consequences of the changes that occur in terms of the government policies, practices of the companies, or may be population composition. Almost every public or private policy involves economics.

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