1.Define economics?
2.Differentiate Microeconomics from Macroeconomics?
3.What is the relationzhips of economics to othet field of sciences?like Psychology,Socilogy,etc (at least 5)
4.Discuss the Hierarchy of Needs by Abraham Maslow?
5.Discuss the Malthusian Theory on Population?
Answer (1)
Answer:1. Define EconomicsEconomics is the study of how people use limited resources to meet their needs and wants.---2. Difference between Microeconomics and MacroeconomicsMicroeconomics deals with small units like individuals or businesses.Macroeconomics studies the whole economy, like inflation and unemployment.---3. Relationship of Economics to Other SciencesPsychology – studies decision-making behaviorSociology – how people interact in societyPolitical Science – laws and government policiesGeography – how location affects resourcesHistory – past events that affected economies4. Maslow’s Hierarchy of NeedsMaslow said people have 5 needs:1. Basic (food, water),2. Safety (shelter),3. Love (relationships),4. Esteem (respect),5. Self-actualization (goals and dreams).You must meet lower needs before higher ones.
