Introduction to Economics
Economics is not a natural science, that is, it does not deal with the study of the physical world
chemistry, biology. Social sciences are associated with the study of people in society. Not possible
conduct laboratory experiments, nor is it possible to fully decipher the human decision-making process.
“Economics is the study of how we humans engage in production, distribution and
consumption of goods and services in society”.
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ECO401 FINAL TERM PAST PAPERS BY MOAAZ:
The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence “rules
household. Another definition is: “The science that studies human behavior as the relationship between goals and
rare resources that have alternative uses.” SECTORS OF THE ECONOMY Normative economics: Normative economics is the branch of economics that involves value judgments about what
economy should be similar or what specific policy actions should be recommended to achieve the desired
ECO401 FINAL TERM SOLVED PAPERS:
Normative economics looks at the appropriateness of certain aspects of the economy. That is the basis
expressing support for a specific economic policy. Normative economics is known as the statement of
an opinion that cannot be proven or disproved and suggests what needs to be done for an economic solution
problems, i.e. unemployment should decrease. Normative economics deals with “what ought to be”.