Answer. Economics is regarded as a social science; it studies how people in an economy employ the already scarce resources with or without using money. Hence, they use these scarce resources with alternative uses for manufacturing, buying, and the consumption of goods and services.
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Economics is the science that deals with production, exchange and consumption of various commodities in economic systems. It shows how scarce.
Economists develop models to explain how the economy works, for example theories of supply and demand or the circular flow of income. These are developed by ...
Economics is a part of social science which is associated with the study of production, households, distribution, firms, consumption of goods and services.
20-Nov-2019 · Economics is the study of how societies allocate scarce resources. It can be defined as both a science and an art. As a science, economics ...
05-Dec-2022 · Here is a selection of key introductory concepts covering the nature of economics as a social science.
The primary task of the discipline of economics is to study the working of an economic system and issues faced by it. In a simple economy, human beings are ...
Value judgements can influence economic decision making and policy. Different economists may make different judgements from the same statistic. For example, the ...
Macroeconomics includes measurement of economic activity (national income accounting and related data), theories to explain relationships among economic events.
Economics is a branch of social science focused on the production, distribution, and consumption of goods and services.
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