WHAT IS ECONOMICS

Question 1

it literally means household management

Answer 1

oikonomia

Question 2

study of the ways individuals and societies allocate their limited resources to satisfy unlimited wants

Answer 2

economics

Question 3

it uses scientific method to build theories that can help explain the behavior of groups, organizations and individuals

Answer 3

economics as social sciences

Question 4

concerned with human behavior and the relationship between ends and scarce means which have alternative uses

Answer 4

economics as social sciences

Question 5

aspects of economy

Answer 5

science that is concerned with human behavior
concerned with decision we make and the consequence of those choices
concerned with man’s material happiness

Question 6

involves application of economic theories and principles to a real-world situation which aim at predicting potential outcomes

Answer 6

economics as applied science

Question 7

it follows a systematic procedure to solve issues and problems of the society

Answer 7

economics as applied science

Question 8

it uses scientific methods in its explanations, which consists of observing the reality, presenting questions and problems to arrive at the formulation of theories and models.

Answer 8

economics as applied science