ECONOMICS - A social science that studies the allocation of scarce resources., OPPORTUNITY COST - it is defined as the benefit you give up because you choose to take one action in favor of another., WANTS - it refers to something which is good to have, but not essential for survival., NEEDS - It is something you must have for survival., SCARCITY - it is an economics concept rooted in one of the most basic facts of life: we live in a world of limited resources that requires choices about how they are allocated., SOCIAL SCIENCE - It is study of the various modes and aspects of human interactions in a group., APPLIED SCIENCE - It is the study of observing how theories work in practice., APPLIED ECONOMICS - It is the application of economic theories and models in real life, ABSOLUTE ADVANTAGE - It is defined as having the ability or capacity to produce more output compared to another entity., COMPARATIVE ADVANTAGE - it means having a lower opportunity cost,

APPLIED ECONOMICS

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