K to 12 BEC CG: ABM_AE12-la-d-1 / ABM_AE12-la-d-2 Directions: Analyze and interpret the following statements using the space provided in the activity. 1. Economics as a course is referred to as "Social Science". Is the term used Social Science, valid based on the discussion? Justify your answer.
2. Differentiate macroeconomics from microeconomics by citing instances in the various activities that you have encountered at home or school.
3. Enumerate economic resources in the country considered as a scare, and suggest measures to resolve the problem of scarcity.
4. Explain why Applied Economics is not a field of economics? What is Applied Economics?

1. Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations.

2.Microeconomics primarily deals with individual income, output, price of goods, etc. Macroeconomics is the study of aggregates such as national output, income, as well as general price levels. ... Macroeconomics focuses on upholding issues like employment and national household income.

3.The scarcity principle is an economic theory that explains the price relationship between dynamic supply and demand. According to the scarcity principle, the price of a good, which has low supply and high demand, rises to meet the expected demand.

4.Economic Theory is all about thinking things up, while Applied Economics is about trying things out. Only with applied economics can a true and complete picture of an economic situation or theory emerge.

Explanation:

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