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

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

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

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

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

Adam Smith is the Father of economics.

Economics is applied in in our daily lives.

Scarcity is the central economic problem.

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