The document introduces basic concepts in economics. It defines economics as the study of how societies use scarce resources to produce and distribute goods and services. It discusses that economics has two main branches: macroeconomics which looks at overall economic performance, and microeconomics which examines individual decision-making and prices. Some key economic concepts introduced are scarcity, opportunity cost, and the three factors of production - land, labor, and capital. It also outlines the basic economic problems societies face in determining what and how much to produce, how to produce, and for whom to produce. Finally, it briefly describes three main economic systems - traditional, command, and market economies.