ABSTRACT

Economics is generally considered to be the queen of the social sciences as it supposedly deals with its subject matter in a more rigorous and analytical method than some of the other social sciences. Economics as a social science is concerned with the production, distribution, and consumption of goods and services produced in society. The term economic comes from the Greek oikos and nomos, which mean, respectively, house and manage, thus referring to way in which a household is managed regarding the provision of food and shelter and other necessities necessary to run a successful household. For much of human history, household management was the important economic task as there were no such things as factories and business organizations to produce goods and services.