Economics

Over the last years, being an adolescent has implied having as many liberties as responsibilities. The current world forces us to understand and have basic knowledge about economy even when we are underage and still depend on our parents support. This blog has been meant to help you with the struggle of understanding and applying economy to a daily basis in order to help ourselves to accomplish our goal.
Going through statistics 1 in 6 teens really understands economy itself and its able to explain is basic concepts. People overestimate economics, and take it as something extremely complicated to learn about, but the truth is that starting out on the basics, without any predetermination would actually help and so now we will give out our basic concepts  :
Economics: It’s the science that studies the production, distribution, and consumption, of goods and services.
Consumption: The total spending on goods during a given period of time.
Production: The making of goods available for use.
Revenue: Payments received by businesses from selling goods and services.
Saving: Occurs when individuals, businesses, and the economy as a whole do not consume all of current income (or output).