Economics as a Social Science
What Is Economics? Scarcity, Choice, and Economic Models
AO2
Syllabus requirement
Explores the social nature of economics and distinguishes between microeconomics and macroeconomics.
Assessment objectives
AO2 Application and Analysis
Summary
This topic explains that economics is a social science concerned with how scarce resources are allocated to satisfy the unlimited needs and wants of individuals, firms and governments. It emphasises that economists study social behaviour and the choices of economic agents, and that these choices affect the well-being of people and societies.
