Associate in Arts in Economics for Transfer in Redwood City United States | Canada College

Economics can be succinctly defined in two key ways: It examines how societies manage production, consumption, and resource distribution amid scarcity. Alternatively, as economist Steven Landsburg puts it, it's fundamentally about how people react to incentives - all other aspects being secondary. The field typically divides into two branches: Microeconomics focuses on economic behavior at the level of individual consumers, consumer groups, or businesses. Its core concern involves optimizing the distribution of limited resources among competing needs. This branch analyzes price formation through the decision-making processes of consumers aiming to maximize satisfaction and businesses striving to increase profits.