1. Social Science Economics Water Satisfaction Wants Unlimited in Number Good and Services ResourcesScarce Choice Is a And is the sum total of Which is the sum total of Which is obtained by satisfying Which is done by consuming Which we produce from This scarcity of resources requires For best buy and production Which is explained by Which are

2. (Want (demand Desire Money How much of a good a person would actually be willing to buy at a given price Kinds Complementary Competitive Derived Aggregate Individual Cross Elastic demand Necessities Comforts Luxuries

3. Resources SocietyIndividuals As Buyers As Producer Outside CountryInside Country Gold / Foreign Currency Money - Home Currency Money A- Labour Skilled Ls Unskilled Lus B- Capital K C- Raw Materials Rm D- Foreign Exchange Fe Production = Ls+Lus+K+Rm+Fe Production is a function of

4. Institution Which Allocate Resources Only Government as in Communist countries Social Preferences Both Government / Market Only Market as in Capital countries Social and Individual Preferences Individual Preferences Guided by

5. Division of the School of Economic Classical School Author Wealth of Nations 1776 Economy and Taxation 1817 Neo-Classical School General Theory of Employment Interest and Money 1936