119k views
3 votes
Economics is a social science that focuses on

User Shekeine
by
5.5k points

2 Answers

5 votes

Final answer:

Economics is a social science concerned with decision-making in the context of scarcity, analyzing individual to societal level choices regarding resource allocation.

Step-by-step explanation:

Economics is a social science that focuses on how humans make decisions in the face of scarcity. It explores various types of decisions, including individual, family, business, and societal choices, and the motivating factors behind these decisions. Due to the scarcity of goods, services, and resources like labor, tools, land, and raw materials, economics scrutinizes how these limited resources are allocated to meet the infinite wants of people. Moreover, time is considered an ultimate scarce resource, since we all have a finite amount of it to use each day.

Economics can be broadly categorized into two main areas: microeconomics, which studies the behavior and decisions of individual units such as households and firms, and macroeconomics, which examines the economic activity of an entire nation or the global economy. As a discipline, it uses a scientific approach to analyze and understand the financial and resource allocation decisions and their impacts on society.

User Robert Columbia
by
6.6k points
1 vote

Answer:

Economics is a social science that focuses on the study of human activity and behavior and its relationship with the administration of the processes of extraction, production, exchange, distribution and consumption of goods and services.

Step-by-step explanation:

Economics is a social science that studies the processes of extraction, production, exchange, distribution and consumption of goods and services. In other words, economics is a social science that studies how to manage the resources available to meet human needs, also studying the behavior and actions of human beings, their interaction with certain events and the effect they produce on their environment.

In this way the economy tells us how societies use scarce resources to produce goods with value, and how they make the distribution of wealth among individuals.

In summary, economics is a social science that focuses on the study of human activity and behavior and its relationship with the administration of the processes of extraction, production, exchange, distribution and consumption of goods and services.

User Radio
by
5.3k points