Intro Into Eco

Section 1 : Introduction to political economy Revision


The term economy, from which we lead Economics, comes most directly from the Old French word economie, centre management of a household.

Definition â€"Lionel Robbins
Economics is a sociable science, which studies human behaviour as a relationship amidst ends and scarce means, which have alternative uses.
Four basic issues
1 Multiplicity of fatalitys
2 Gradability of wants
3 Scarcity of resources
4 selection use of resources

Modern Definition

The scientific study of the choices made by individuals and societies in regard to the alternative uses of scarce resources which are utilise to satisfy wants.


Economics is the study of the way people spring themselves to sustain animateness and enhance its quality. Individuals engage in quatern essential economic activities: resource maintenance, production of goods and services, distribution of goods and services, and enjoyment of goods and services. It is a social science that studies the allocation of scarce resources utilise to produce goods and services that satisfy consumers unlimited wants and needs.

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amicable Science

Social Science can be defined as a systematised body of acquaintance pertaining to human relationship and groups living in social club .Different aspects of human behaviour or social life of human beings is dealt with as parts of group or society and not as independent individuals.
e.g. History, psychology, sociology, economics, political science.

Scientific Methodology
? take aim reality in a rational manner by observation and gathering of data.
? Spotlighting aspects of data to see for emerging patterns.
? design hypothesis.

Reliability and validity of the data must be examine along with the value of sources.

Economics as Social Science

Economics is a social science because it is a systematised body of knowledge regarding economic behaviour of man in society . it...If you want to get a full essay, order it on our website: Orderessay

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