C1 Economics Question SMP 10103 PRINCIPLES OF ECONOMICS CHAPTER 1

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Distinguish between microeconomics and macroeconomics, and give one (1) appropriate example each. B normative c positive d normative e normative 5 households, firms and government Economics is the study of how societies allocate scarce resources.

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This Study Note Covers 1.1.1 Economics As A Social Science For The Edexcel Specification.

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Economics Is The Study Of How Societies Allocate Scarce Resources To Meet Unlimited Wants.

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With Barter, Goods Such As Fruits Often Went Out Of Date And So Could Not Keep Their Value.

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This Assumption Is That Other Things Are Being Held Equal Or Constant, So Nothing Else Changes.

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