About economics????plz help?

Question

can you give an information or an article about

-economics as social science

-opportunity cost

Answer 1

"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."

The words "human behaviour" explain the social science..

Opportunity cost :

The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

Example:

You own a company, and this year it has made profit $1000.

You decide to expand the company by buying more machinery, which cost the same, and hope that it will increase your productivity, hence, revenue and profit of your company improving..

On the other hand, you will loss some amount of benefit if you invest it on another asset(s) that have almost 100% certainty, like Government T-Bills.. Your opportunity cost is the interest rate that you will receive from the T-Bills (it's change over time)..

Answer 2

Economics is the branch of social science that studies the production, distribution, and consumption of goods and services. The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house(hold)."[1]

Modern economics developed out of the broader field of political economy in the late 19th century, owing to a desire to use an empirical approach more akin to the physical sciences.[2] A definition that captures much of modern economics is that of Lionel Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."[3] Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem. The subject thus defined involves the study of choices as they are affected by incentives and resources.

Areas of economics may be divided or classified into various types, including:

microeconomics and macroeconomics

positive economics ("what is") and normative economics ("what ought to be")

mainstream economics and heterodox economics

fields and broader categories within economics.

One of the uses of economics is to explain how economies, as economic systems, work and what the relations are between economic players (agents) in the larger society. Methods of economic analysis have been increasingly applied to fields that involve people (officials included) making choices in a social context, such as crime,[4] education,[5] the family, health, law, politics, religion,[6] social institutions, and war.