Revisiting Economics as a Social Science

Economics is a social science because it deals with:

• Human Nature

• Natural resources

• Experimentation

• Plants and Animals

Economics is important so that we may be able to:

• Understand problems facing the citizens and family

• Help the government promote growth and improve quality of life

• Analyze fascinating patterns of social behavior.

• All of the above

A study of economics can describe all aspects of a:

• Country's economy

• Production function

• Consumption of individuals

• Market

Economics is a science because:

• It can predict the future

• It conducts experiment in a laboratory

• It measures the quantity of output

• It undergoes observation and experimentation

As a social science, economics can be more:

• Predictable

• Unpredictable

• Changeable

• All the above

Economics is derived from the Greek word "oikonomia" meaning:

• Economic management

• Household management

• Social Management

• Political Management

Scarcity of resources means:

• Minimum resources

• Shortage of resources

• Slight resources

• Excess resources

Unlimited wants mean:

• Infinite

• Limited

• Partial

• Fractional

These are examples of human wants except:

• Smartphone

• Clothing

• Perfume

• Watch

Allocation of resources means:

• Apportionment of resources

• Stocking of resources

• Keeping of resources

• Protection of resources