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The science that deals with the production, distribution, and consumption of the worlds resources and the management of state income and expenditures in terms of money. Money is the accepted common medium of exchange for goods and services in the marketplace that functions as the unit of account, a means of deferred payment and a store of value. Economics utilizes resources in the most efficient manner, using the minimum of time or resources necessary for effectiveness. The 5 main concepts of economics are scarcity, nothing is free, factors of production, 3 basic questions (what, how, for whom), and the scope of economics (describe, analyze, explain, predict).


Type II

Colonization of the Solar System