Activity 1

Economics as social science has something to do with our everyday lives.

• True

• False

One man is applying a job to sustain his basic needs, shoes is an example of economics as social science.

• True

• False

There are two branches of economics the microeconomics and the macroeconomics.

• True

• False

Applied Economics is an application of conclusion from the different economic theories.

• True

• False

Using economic theories, applied economics tries to address the central problem of economics which is scarcity.

• True

• False

The word economics derived from the Greek word” Oikonomus” meaning household management.

• True

• False

Adam Smith is the Father of economics.

• True

• False

Economics is applied in in our daily lives.

• True

• False

Scarcity is the central economic problem.

• True

• False

To address the unlimited needs and wants of the people with the limited resources is one of the significant concerns in economics.

• True

• False