Economics is the study of how people behave. Every day, people and society are confronted by choices. Should you go to university or start a career? What should you do with your next dollar? Should the government raise the minimum wage, or not? How do we address the big issues in the world such as poverty and climate change?

Choices involve trade-offs where we are choosing between two things. The outcomes of choices have both costs and benefits to consider. Economics is the study of how people and societies make such decisions in the production, exchange, distribution, and consumption of goods and services.