The most comprehensive of the social sciences. It covers the biological, psychological, social, and cultural aspects of human life. It studies every aspect of human society, including social structure, aesthetic expression, language, and the belief system.
Studies the mechanics of the distribution of power and is concerned with the relationship between authority and the masses.
There is a need to choose among the competing uses of resources in order that each scarce commodity will yield the highest level of satisfaction to the individual and to society. This involves the process called allocation.
A process of choosing among competing ends which resources are going to be employed for the production of commodities chosen to satisfy the human wants that have a higher value in the priority system.