In this program we look at some of the basic concepts in economics, fr om theories on how and why people in society make economic choices to how the government and each one of us influences the economy. Economic s is the study of choices, what people want and how they obtain it. Ec onomics is a social science and can be used as a way of solving proble ms, a way of viewing the world, or a way to study the choices people m ake when they're faced with scarcity. Important definitions that are c overed in this program are: opportunity cost, market, demand, supply, competition, inflation, and employment. Examples of how economics is i nvolved with such things as credit cards, labor unions, voting, minimu m wage, environmental regulations, and taxes are also given. Key econo mic concepts like monetary policy, fiscal policy, consumer price index , and gross domestic product are introduced. Keeping up with economic news and knowing how to read charts and graphs that contain economic i nformation will help when preparing for this portion of the GED test.