Economics

Definition of Economics as it relates to Education, Secondary Education, World History

Economics refers to the social science that studies how individuals, businesses, governments and societies make choices on allocating resources to satisfy their unlimited wants. It encompasses the production, distribution and consumption of goods and services. In relation to education, economics examines the economic implications of educational policies and practices such as funding formulas, teacher compensation, student achievement and school choice. Within secondary education, economics investigates how adolescents make decisions about their future careers, education paths, and financial literacy. Economics also intersects with world history by studying the historical development of economic systems, trade patterns, globalization, economic growth, and income inequality over time and across countries.

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