McConnell Ch 1-5 5 Steps Ch 5-6 Social science concerned with the efficient use of scarce resources to achieve the maximum satisfaction of unlimited needs and wants. The study of making choices to get what you want Lots of graphs? fun, fun graphs! An important reason for studying economics is to learn a way of thinking?critical thinking! The study of economics is an essential part of the study of society. Economic decisions often have enormous consequences. An understanding of economics is essential to an understanding of global affairs. Voting decisions also require a basic understanding of economics. 1.? People economize.? People choose the alternative with the least cost and greatest benefit. 2.? All choices involve cost.?Cost does not always = money!