Economics: A Social Science Overview

<p>National income economics (A)</p> Signup and view all the answers

<p>Using aggregate demand and supply models (C)</p> Signup and view all the answers

<p>Improving living standards in developing regions (C)</p> Signup and view all the answers

<p>Assessing economic efficiency and equity (B)</p> Signup and view all the answers

<p>It helps to solve what, how, and for whom to produce. (B)</p> Signup and view all the answers

<p>Efficient allocation of scarce resources (A)</p> Signup and view all the answers

<p>Establishing economics as a distinct subject with his book (D)</p> Signup and view all the answers

<p>Limited economic resources in relation to unlimited wants (B)</p> Signup and view all the answers

<p>It has a universally accepted definition (A)</p> Signup and view all the answers

<p>Scarcity and choice (B)</p> Signup and view all the answers

<p>To study efficient resource allocation for fulfilling unlimited needs (B)</p> Signup and view all the answers

<p>Human wants are unlimited and can conflict with resource availability (B)</p> Signup and view all the answers

<p>Choice is fundamental to decision-making regarding resource allocation (C)</p> Signup and view all the answers

A social science studying efficient resource allocation to maximize human needs fulfillment.

Limited resources in relation to unlimited wants.

The process of deciding how to distribute limited resources to produce goods and services.

Human desires for goods and services never reach a point of being satisfied.

Considered the father of modern economics, who wrote 'The Wealth of Nations'.

The problem of choosing how to use scarce resources to produce the goods and services desired.

The fundamental aspect of economics where individuals, families, and societies make decisions about how to utilize limited resources.

Factors of production including land, labor, capital, and entrepreneurship.

The vast and expanding field of economics encompasses various branches, including development economics, industrial economics, and environmental economics.

Focuses on the economic decisions made by individual units like households and firms, analyzing their interactions in specific markets.

Studies the economy as a whole, examining the aggregate behavior of all decision-making units and their impact on national income, output, and general price levels.

Microeconomics focuses on individual units and their interactions, while macroeconomics examines the overall economy and its performance.

To determine the price of goods and services and efficiently allocate resources based on supply and demand in specific markets.

To determine the optimal level of income and employment for a nation, focusing on factors like aggregate demand and supply.

Demand and supply curves for specific commodities and factors are used to analyze individual markets and decision-making.

Aggregate demand and supply curves are used to analyze the overall economy's performance and determine the level of income and employment.