Economics is a way of thinking about how people make decisions and interact with each other. It is one of the cognitive and social sciences, such as sociology and philosophy. It focuses on “the ordinary business of life” as the economist Alfred Marshall stated. It explains how we get our incomes, how we use them, the supply of resources and the production and exchange of goods and services. Basic economic concepts are examined, such as wealth, income, welfare, scarcity, choice, wants, needs, goods and services, utility, production, consumption and exchange, opportunity cost, diminishing returns, open and closed economics!