Economics is the study of how scarce resources are allocated to satisfy unlimited human wants. It involves making choices about how to use limited resources like labor, equipment, and knowledge to produce goods and services for consumption. At its core, economics examines how societies allocate scarce resources to produce commodities and distribute them for consumption. It also analyzes problems like rising transportation and utility costs and aims to define economics as the efficient use of scarce resources to maximize satisfaction of human needs and wants.

1. Economic
s
economic may appear to be
the study' of complicated table
and chart ,statistic and
number,but more specifically it
is the study of what constitutes
rational human behavior in the
endeavor to fullfill needs and
want.

2. Economics has been defined in
many ways.it comes from the
greek word oikanimia meaning
"house hold manangemenr "
some of these definiitions are
as the following

3. According to Fajardo ,
Economics is the proper
allocation and efficient use
available resources for the
maximum satisfaction of
human wants.

4. Economics according to Nordhaus
is the sciece of choice itstudies how
people choose to use scarce
resources or limited productive
resource labor, Equipment
technical knowledge to produce
various commodities and distribute
these commodities for consumption

5. sicat defined Economics as
the study which deals
individual and society in
general make choices

6. Castillo viewed as the
study of how man could
best allocate and utilize the
scarce resourcesof society
to satisfy his unlimited want

7. to sum it all, economics
cover's all kinds of topic but
at the core it is devoted to
understanding how society
allocates its scarce resource

8. At present,we are facing
different economic
problems such as
increase in transportation
fare, increase in electricity
and water bills

9. therefore we can define
economic as the study of
allocation and efficient use of
scarce resource to produce
commodities for the maximum
satisfaction of unlimited human
needs and wants.

10. this definition of economic give
us an idea on how to "economize"
as costumer and produce that is
how to get the most out of what
we have

11. the costumer are the final
users of produce final good
and service s
the producer's use various
resources in order to produce
final goods and services

12. microeconomics -deals
with the behavior of
individual components
such as household

13. on the other hand,
microeconomics deals with the
behavior of economy as whole
with the view of understanding
between economic aggregates
such as employment ,inflatuon
and national income

14. positive economic -relates to what
happens in the economy and why
if a government official say"high
inflation has increased the level
of poverty incidence in our
country this statement is
positive economic s

15. Normative economics-it is an
economic statement that makes
recommendations to economic policy
in addressing the positive
economic statement give above
an appropriate .normative
economics statement should be
contacted

16. THANK YOU