Question

You tell your friends that you are studying economic and they ask, “what’s economics
about?” how would you answer them? (5 Marks)

Answer 1

Answer:

Economics is a social science concerned with the production, distribution, and consumption of goods and services. ... Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

Four key economic concepts are —scarcity, supply and demand, costs and benefits, and incentives—can help explain many decisions that humans make.

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