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What is the core economic problem?

the core economics problem with economy of pakistan


What are the basic concepts of economics?

Economics involves the interactions in society involving finances. Namely, economists study how the monetary value of items changes over time based on outer effects like the supply of resources and the demand of consumers.


How sociology related to economics?

your question is backwards. as a field of knowledge, economics started out as a type of sociology (or possibly was the original term for what we now call sociology). and there is such a thing as a liberal study of economics still. and economics is a study of human behavior but with advanced capitalism this behavior has left human's hands so the study sort of exists on its own as a study of a man-made but self-sufficient abstract force. hope that helps :)


Other science related to economics?

Economics is a collection of thoughts and principles that are derived from other sciences. Economics, sociology and politics are interrelated as these sciences make an impact on the lives of people and their society.


How scarcity choice and economic interaction fit into the basic idea at the center of economics?

At the core of economics is the concept of scarcity, which refers to the limited nature of resources relative to unlimited human wants. This scarcity necessitates choice, as individuals and societies must prioritize how to allocate their finite resources effectively. Economic interactions arise from these choices, as people and entities engage in trade and exchange to satisfy their needs and desires. Thus, the study of economics fundamentally revolves around how scarcity shapes decision-making and influences interactions in the marketplace.