1) What is Economics?
2) Describe briefly the relation between Political Science ang economicos,
3) What is the common aim of both Political Science and Economics
4) Explain the main activities of Economics
Answers
Answer:
1) the branch of knowledge concerned with the production, consumption, and transfer of wealth.
2) The scholars of ancient Greece regarded economics as a sub-division of political science. Both political science and economics is concerned with the welfare of mankind and his relationship with the society and hence Adam Smith regarded them as parts of the same subject.
3) Politics studies power relations and their relationship to achieving desired ends. Philosophy rigorously assesses and studies a set of beliefs and their applicability to reality. Economics studies the distribution of resources so that the material wants of a society are satisfied; enhance societal well-being.
4) Production, consumption and capital formation are called the basic economic activities of an economy. The process of production of goods and services is carried by combining the factors like land, labour, capital and entrepreneurship.
Answer:
the branch of knowledge concerned with money