Economics is the study of how people and societies choose to use scarce resources to satisfy their wants and needs. It can be divided into microeconomics, which examines the choices of individual actors like households and businesses, and macroeconomics, which looks at aggregate outcomes in economies and societies as a whole. Producers use four factors of production - natural resources, human resources, capital resources, and entrepreneurship - to create goods and services for consumers to purchase.
![[object Object],[object Object],Microeconomics Macroeconomics Choices made by actors such as households, companies, and individuals. Choices made by much larger actors like governments.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)