Introduction to Economics

Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. This book defines some economic terms and their calculation. It has five chapters. The first chapter is about the time value of money and how to evaluate it. The second chapter is about uniform series of payments. The third chapter deals with the depreciation of an asset through time. In the fourth chapter, the cost comparison of alternative methods, and the last chapter is about economic analysis of industrial operations.