Economics Is a Social Science And is the

Economics Is a Social Science And is the sum total of Water Which is the sum total of Satisfaction Which is obtained by satisfying Wants Which are Unlimited in Number Which is done by consuming Good and Services Which we produce from Resources This scarcity of resources requires Choice For best buy and production Which is explained by Which are Scarce

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 Necessities Cross Elastic demand Comforts Individual Luxuries Aggregate

Resources Individuals As Buyers Society As Producer As Buyers Money Inside Country Money - Home Currency A- Labour Skilled Ls Unskilled Lus B- Capital K C- Raw Materials Rm D- Foreign Exchange Fe Production = Ls+Lus+K+Rm+Fe Production is a function of Outside Country Gold / Foreign Currency

Institution Which Allocate Resources Only Government as in Communist countries Guided by Social Preferences Only Market as in Capital countries Both Government / Market Individual Preferences Social and Individual Preferences

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