1. Economics as a course is referred to as "Social Science". Is the terin used, Social Science, valid based on the discussion? Justify your answer.
2. Differentiate macroeconomics from microeconomics by citing instances in the various activities that you have encountered at home or school.
3. Enumerate economic resources in the country considered as a scare, and suggest measures to resolve the problem of scarcity. 4. Explain why Applied Economics is not a field of economics? What is Applied Economics?

1. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

2. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the decisions of countries and governments. Though these two branches of economics appear different, they are actually interdependent and complement one another. Many overlapping issues exist between the two fields.

3. In economics, scarcity refers to limitations–limited goods or services, limited time, or limited abilities to achieve the desired ends. In fact, they are sometimes called “scarce resources” just to re-emphasize their limited availability.