word economics is derived Utilizing private income (Home economics) Royalties Public business { Production Getting social income Exchange al social well-being) | Utilizing social income Consumption :{ {Consumption CHAPTER I ECONOMY What it means to economize. To economize is to choose among several different things which one would like to have, giving up the things for which one cares less in order to have the thing for which one cares more. Necessity forces this kind of choosing not only upon individuals but also upon communities and nations. Economics is the name given to a body of principles which govern the practice of economy in its broadest sense. This choosing of what one will have takes on many and various forms. It may be a question as between play and work or between different kinds of work, different kinds of play, or different objects which one might purchase with one's limited money or purchasing power. The problem is always how to use one's time, one's working power, or one's money in such a way as to accomplish the most in the promotion of one's interest or the fulfillment of one's hopes and purposes. This is a problem, however, not for the individual alone but for the community, the nation, and the world at large. The community and the nation, like the individual, have common interests which can be promoted only by common effort. How to use the energy of the community and of the nation economically, that is, in such a way as to accomplish the largest and best possible results, is a problem of the greatest possible importance. In a democracy especially it is fully as important that the citizen should understand how the community and the nation may economize their energies and achieve the utmost in the way of civilization and well-being |