WASSCE Economics · Economic Foundations
Nature and Scope of Economics
What economics is, why we study it, and the difference between positive and normative economics.
- lessons
- 2
- of study
- 14 min
- free to read
- 1
Across the topic: 8 sections · 1 worked example · 1 diagram
Topic content
Lessons in this topic
2 lessons · 14 min
- 1What economics is: definitions and subject matter7 minFree7 minFree
- 2Micro and macro, positive and normative economics7 min Plan7 min Plan
- Two branches: micro and macro
- Positive and normative economics
- Economics and other subjects
- Why study economics?
1 worked example · 1 diagram
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More in Economic Foundations
All Economics topics- 02Basic Concepts of EconomicsScarcity, choice, opportunity cost, wants, and the basic economic problem every society faces.1Wants, scarcity, choice and opportunity costFree2The basic economic problems and the production possibility curve9 min 2 lessons 19 min
- 03Tools of Economic AnalysisTables, charts, graphs, averages, percentages, and other tools used to analyse economic data.1Tables, charts and graphs in economicsFree2Mean, median, mode and standard deviation8 min 2 lessons 16 min
- 04Economic SystemsCapitalist, socialist, and mixed economic systems — their features, advantages, and disadvantages.1Capitalism and socialismFree2The mixed economy6 min 2 lessons 13 min