Title: Explain the nature of economics.
Course: Marketing Exploration (12160-18) > Section: Understanding Economics in Organizations

Explanation should include the following concepts:

- Economics is a field of study that explains how individuals, businesses, and societies produce, distribute, and use products and services.
- Economics focuses on the use of limited resources for unlimited wants.
- Economics is global.
- Supply and demand affect price.
- Scarcity causes consumers to make choices.

Process/Skill Questions:

- What are the three economic questions that must be answered by each society?
- How are wants and needs different? What are the roles of wants and needs in economics?
- What are the four factors of production?
- How do businesses and societies deal with scarcity?
- How does supply and demand affect price?