Economics

1. Define economics as a social science and explain the difference between a social science and natural science.

2.  Explain the apparent contradiction between limited resources and unlimited wants.

3.  Define opportunity cost and explain the difference between this economic concept and accounting cost.

4.  Define demand for a product or service. What does the law of demand say?

5.  What happens to the demand for a product or service if the price increases? What happens if the price falls?

6.  How are equilibrium quantity and price determined in a free market economy?