Answer:
Economics is about how people meet their NEEDS AND WANTS. To meet their needs and wants, people use RESOURCES to make goods and services. But because of SCARCITY, people must choose how to use resources. Those choices have CONSEQUENCES, now and in the future. The choices of the people in a place or region make up to its ECONOMY. Economists study the economy. They look at the data to form MODELS of the economy and try to predict the consequences of behaviors and choices.