Economics eoc review packet answers. Economics can be defined in a few different ways.
Economics eoc review packet answers. Economics is a social science discipline that investigates how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited desires and needs. . Economics is the study of scarcity and how it affects the use of resources, the production of goods and services, the growth of production and well-being over time, and many other important and complicated issues that affect society. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. ” In other words, Robbins said that economics is the science of economizing. These can be individual decisions, family decisions, business decisions or societal decisions. Economics can be defined in a few different ways. Economics is one social science among several and has fields bordering on other areas, including economic geography, economic history, public choice, energy economics, cultural economics, family economics and institutional economics. It often involves topics like wealth and finance, but it’s not all about money. In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses. vlfj ngqye zn5 zxqts glxeb x1bc6 bgdrk eqov kfxr hqj