What’s Economics Got to Do with It?
In This Chapter
• As the globe turns
• Economies of all shapes and sizes
• The entrepreneur’s role in global economics
Economics can help us understand and evaluate what individuals and nations are experiencing as their economies become more integrated. Economics is a way of thinking that yields valuable and unexpected insights about what takes up a large part of most people’s lives: producing and consuming goods and services.
To kick off our examination of economic principles, here is a definition of economics provided by the British economist Lionel Robbins in 1932: “Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” ...