Concept of education

ECONOMICS. DEFINITIONS:study of how society manages its scare resources/study of human behavior, with an emphasis on human decision making/one of the several science that tries to explain human behavior, but differs in that it emphasizes rational decision making/study of how people choose to allocate scare goods and resources to achieve their unlimited desires/study of how people respond to incentives.GOODS:things that people like to consume.CONCEPTS:Scarcity exists, and implies TRADE OFFS( giving up one thing to get another). A case of trade off is OPPORTUNITY COST(value of the best thing you give up to get something)/People tend to choose rationally to achieve their goals, which implies that they respond to incentives and make decisions at the margin/ Markets( set up of buyers and sellers, and their interactions) and trade(exchange of goods and resources between people or between geographic regions) tend to work well and make people better off.MACROECONOMICS: study of the behavior of individuals and firms.MICROECONOMICS:study of the behavior of economics aggregates such as GDP, inflation and unemployment.MERIT GOODS: good deemed intrinsically desirable by society because of its positive externalities(ej: education). A more productive workforce is desirable as it can lead to economic growth and higher income(ej: difference between the average of GDP of countries with primary