The purpose of this paper is to learn fundamental concepts of economics and to show how those concepts c]n be applied to the world in which readers live. To pros and cons of various solutions to society’s problems generated fervent debate. This paper on the principles of economics is oriented to a new way of thinking. Economics combines the virtues of politics and science. It is, truly, a social science. Its subject matter is society – how people choose to lead their lives and how economics tries to make progress on the fundamental challenges that all societies face. The management of society’s resources is important because resources are scare. Scarcity means that society has less to offer than people wish to have. Therefore the economic development of every country depends of how society manages its scare resources.