Social Science

1
Economics
Is a
Social Science
And is the sum total of
Water
Which is the sum total of
Satisfaction
Which is obtained by satisfying
Unlimited in Number
Which are
Wants
Which is done by consuming
Good and Services
Which we produce from
Which are
Resources
Scarce
This scarcity of resources requires
Choice
For best buy and production
Which is explained by
2
(Want (demand
Desire
Money
How much of a good a person would actually be
willing to buy at a given price
Kinds
Complementary
Competitive
Derived
Cross Elastic demand
Necessities
Comforts
Individual
Luxuries
Aggregate
3
Resources
Society
Individuals
As Buyers
As Buyers
As Producer
Money
Outside Country
Inside Country
Gold / Foreign Currency
Money - Home Currency
A- Labour Skilled Ls Unskilled Lus
B- Capital K
C- Raw Materials Rm
D- Foreign Exchange Fe
Production LsLusKRmFe
Production is a function of
4
Institution Which Allocate Resources
Only Government as in Communist countries
Guided by
Social Preferences
Both Government / Market
Only Market as in Capital countries
Social and Individual Preferences
Individual Preferences
5
Division of the School of Economic
Classical School
Author Wealth of Nations 1776 Economy and
Taxation 1817
Neo-Classical School
General Theory of Employment Interest and Money
1936