This document introduces basic economic concepts. It discusses that economics is the study of how resources are used for decisions around buying, selling, etc. It also defines microeconomics as the study of individual units and macroeconomics as looking at whole markets or the economy. The main driving force in economics is scarcity, as resources are limited so their use must be managed. Due to scarcity and limited resources, individuals and societies must make choices about what, how, and for whom to produce goods and services. These choices can have significant impacts. The document then discusses opportunity costs and cost-benefit analysis as tools used to help make production decisions.