What is economics:

“study of allocation of scarce resources” - Book definition

“Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. - Invistopedia definition

“the study of how a society organizes its money, trade and industry” - OXFORD dictionary

Study of Resource allocation - My Definition

“the key different in token economics is to create rules around the allocation of scare resources to affect people’s behaviours.” Incentives and Disincentives

Economic Resources

traditional economic Resources:

Todays digital Economics

• Land

• Information

• labour

Intangible Resource

• Capital
• Entrepreneurship

Tangible Resources

Variables and characteristics

Evolution in Markets

Classic Economics Market

• Demand and Supply works independently
• Costs addicts supply with affect supplier’s willingness to sell → Consumers are affected by quantity and demand for products (Ex: Natural Gas Crises in Europe rn)