Economic refers to anything related to money, wealth creation, production, distribution, consumption of goods and services within an economy.
Picture the economy as a giant game board where players (businesses) strategically move their pieces (resources) with the goal of accumulating wealth (winning). However, just like in any game there are winners and losers depending on their strategies.
Supply and Demand: The relationship between how much of a product is available (supply) versus how much consumers want it (demand), which determines its price.
GDP (Gross Domestic Product): The total value of all goods and services produced within a country's borders in a specific time period, often used as an indicator of economic health.
Inflation: The general increase in prices over time, reducing the purchasing power of money.
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