Economics is the social science that studies the production, distribution, exchange, and consumption of goods and services. The study of economics focuses on how individuals, corporations, and societies choose to use the scarce resources provided by nature and previous generations. Scarce resources provided by nature that societies choose to use include oil, land, water, and time. These elements are important to the economy because oil, land, and water provide money for the market. The more …showed first 75 words of 2754 total…

…showed last 75 words of 2754 total…money to clean it up, then the buyers (society) will pay for it. This makes the product more expensive and gives the company more profit. This works against society's advantage. Governments involved themselves in the free market to make sure that decision-makers consider all the benefits and cost of their decision. (1) McEachern, William A., Economics: A Contemporary Introduction, South-Western Publishing Co., Cincinnati, p.7 (2) McEachern, William A., Economics: A Contemporary Introduction, South-Western Publishing Co., Cincinnati, p.12