All about economics & business studies Part 1 How economies work

Summary: A basic introduction to economics in theory and practice. What is economics? Microeconomics looks at the way individuals and businesses make decisions, including factors like supply and demand and price elasticity, while macroeconomics looks at the wider economy as a whole. Boom & bust: The market economy has problems - most critically, inflation and cycles of "boom & bust", like the credit crunch of 2008. Is government intervention the answer? Or is it more important to control the supply of money? Is there an alternative? Some look towards alternative systems to the free market, while others welcome globalisation. Is an economic model possible which isn't based on consumerism, waste and greed?