8. Economics - Social Science

8. Economics - Social Science

- I have a question about economics if you don't mind.

- Yes, It is.

- What is economics?

- Economics is science that describes and analyzes choices from among scarce resources to satisfy its wants.

- What is microeconomics?

- Microeconomics is the study of individual consumers and the business firm.

- What is macroeconomics?

- Macroeconomics is the study of economy as a whole.

- What questions must every society come to grips?

- * What goods and services are to be produced?

* How are they to be produced?

*Who will receive them?

- What is rent?

- Rent becomes income to the owner of the lend.

- What is wages?

- Wages represent income to workers, who own their labor.