Introduction to Economics

Economics, from Adam Smith's perspective, is the study of creating and using resources to meet human needs.

Economics, according to Alfred Marshall, studies how people earn and use resources to improve their well-being.

Economics studies how to allocate limited resources to satisfy unlimited human wants.

Economics is also about how societies improve their quality of life over time.

Economics originates from the Greek words 'oikos'—meaning household—and 'nomos'—meaning management.

The study of political phenomena, including the reasons behind government institutions and the overall political system. It explains, evaluates, and predicts political events, helping us understand the 'why' behind politics.

The Greek word that gave rise to the term 'theory,' signifying a process of understanding and explaining political phenomena, including its origins and interpretations.

Political theorists identify societal issues, devise solutions with potential consequences, provide foundational knowledge, and analyze political happenings.

Political theory promotes understanding, helps us analyze events, identify problems, and contribute to human development.

Political theory considers the social and historical context of political systems, showing how they interact and influence each other.