When we speak of broad topics with far ranging ramifications, we do better discussing them in very general terms. If we begin to isolate specific examples, we run the risk of losing sight of the bigger picture.

This then is the case with the term economics.  Covering a most expansive subject area, we begin with an all-encompassing definition from which we later extrapolate detailed themes and congruent ideas.

The purpose in studying economics leads to the formulation of principles. All of the following societal elements: history, politics, and the social sciences, cannot be fully grasped without first coming to a basic understanding of economic principles.

Within the previous definition, the notion of wants and needs enters into the equation. Because of the pivotal role each plays, it is important to separate the two by identifying wants as those things not considered essential whereas needs are critical to continued survival. To discern the difference between the two, decisions with economic consequences must be made.

Scarcity of resources is another factor that often comes into the economics spectrum. When such items as fuel sources, designer or luxury merchandise, or livestock products become less plentiful, decisions regarding the introduction of alternative products or the rate increase of prices need to be weighed.

As a whole, when the problem of scarcity, or limited resources, is part of the dynamic, both manufactures and buyers alike are confronted with an array of issues.

Within this course, we will explore, from both a macro and microeconomic mentality, the factors that play a part in determining how and why economic-based decisions are made; metrics on which economic systems are evaluated, and the basic economic principles to employ as a business owner or person within the corporate sector.