INTRODUCTION

Economics is a social science which attempts to explain how the economic choices we make have an impact on our everyday lives.  Economics is about choices.  In its simplest form, Economics studies the allocation of scarce resources in response to unlimited wants.  In other words, economics is the study of how people deal with scarcity.Take for example the notion of time. Time is limited.  Each individual has to ask him/herself  the question, how can I use my time to the fullest?  Should I work or should I play? Decision-making involves weighing and balancing the benefits and costs of alternatives.