Hello

Janey Shuyan Penan 3MB 1. Economics is the social lore that studies the production, distribution, and consumption of goods and services. The study of how the forces of yield and demand allocate rare resources. Economics is the social science that examines how people choose to use express mail or scarce resources in attempting to satisfy their unlimited wants. The term economics comes from the past Greek ????????? (oikonomia, management of a household, administration) from ????? (oikos, house) + ????? (nomos, routine or law), hence rules of the house(hold). Social science- field of donnish scholarship that explore aspects of human society. Production- refers to the economic process of converting of inputs into outputs. Distribution- in economics refers to the way total output or income is distributed among individuals or among the factors of production (labor, land, and capital) Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. a good is sensible product that can be used to satisfy around desire or need. A service is the intangible kindred of an economic good. 2.

Main divisions of economics: Microeconomics is a branch of economics that studies how the individual parts of the economy, the household and the firms, make decisions to allocate limited resources, typically in markets where goods or services are world bought and sold. Microeconomics examines how these decisions and behaviours affect the ply and demand for goods and services, which determines footings, and how prices, in turn, determine the supply and demand of goods and services. * Supply and demand is an economic model of price determination in a market. It concludes that in a belligerent market, price will function to equalize the If you want to run low a full essay, order it on our website: Ordercustompaper.com

If you want to get a full essay, wisit our page: write my paper