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Name: Professor: Course: Date: Economics Economics is a social science that deals with the act of producing, getting the goods and services to the market for easy access by the consumers. Economics tries to understand how individual agents cooperate in resource allocation with the aim of customers need satisfaction as well as maximizing output. Economics focuses mainly on the factors of production. They are vital ingredients that build up economic activity in the world today. Economics tries to explain how the components are in limited supply and how can a man make the right decision when making a selection of the ingredients to carry out production. In the 19th century, the discipline was given the name economics of political economy as the short term of economic science by Alfred Marshall. Therefore, it was subjected to severe thinking and made increased application of mathematics that assisted in supporting the efforts to have accepted it as a science. It separated this from political science and other social sciences. The crucial goal of economics is to raise the living standard of individuals in their day to day activities. In 1932, Lionel Robbins came up with implications, and he affirmed that the previous economists aligned their studies on the study of wealth; that is, how wealth is generated, distributed, consumed and how wealth can accumulate. But he put it clear that economics can be used to learn other things, for example, war, that is separate from its usual focus. It is because the primary goal of war is to emerge winners at the end, it generates both costs and benefits, and human resources and other resources like capital employed toward
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