Economics is a social science that tends to determine and describe various factors that affect the consumption, distribution and production of goods and services. Economics mostly focuses on the behavior of the market and the interaction between the economic agent and how economies work. Economics can be distinguished into two major branches namely; microeconomics and macroeconomics. Microeconomics analyses the overall behavior of primary elements in the economy which includes the market and individual agents. Macroeconomics examines the whole economy which includes, consumption, investments, aggregated production and savings and issues that affects the economy.
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This Homework is due on Monday September 26, before class!!! Full text of the assigned problems is available HERE. These are the appendix problems assigned: 1.