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Unformatted text preview: but they only have limited steels. They have to select the best one which has to consider the first question what to produce. Therefore, they will need to know how to produce and for whom to produce. By which way they can produce the largest number of the product, or which one they are going to satisfy. In each unit, it is essential to consider these three economic problems. They are basically the same. Definition of Economics How a single unit of a society or a single country or the world solve the economic problems by allocating limited resources to satisfy unlimited wants of them. I would consider economics as a science because the main purpose of a science subject is to research and invent some concrete matters which can be proved by observation and experiment. Therefore, as a subject engaging in solving scarcity problem by creating theories, laws, and rules after testing the hypotheses many times, economic is eligible to be regarded as a science....
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This note was uploaded on 01/28/2011 for the course ECON 1 taught by Professor Sm during the Spring '10 term at Laney College.
- Spring '10