Unit 1.1 · What Is Economics? Scarcity, Choice, and Economic Models
Economics as a Social Science
AO2
Syllabus Requirement
Explores the social nature of economics and distinguishes between microeconomics and macroeconomics.
Assessment Objectives
AO2Application and Analysis
Summary
Economics is a social science that studies how resources are allocated to meet the unlimited needs and wants of individuals, firms, and governments. It examines the choices made by economic agents and the resulting impacts on society and well-being, highlighting the importance of understanding economic behavior in various contexts.