At this point you can see the economy as the science which deals with use of scarce resources. A resource, in this sense, means something, either in the form of physical object or human services, which can be used directly, or through their conversation in other forms or materials, puts the satisfaction of our needs. It says that a resource is scarce when the existing offer of the same is insufficient to cater for our needs. Sotheby’s is likely to increase your knowledge. The man has to meet a number of minimum requirements essential for its own existence. Factors of production. Labour factor.
Land factor. Capital factor. (As opposed to Richard Plackett). Work factor: is the element human in the production process the concept of work does not include all human energies used in a society but only that energy used in the production of economic goods and services. Job is not anything other than the human effort spent on the creation of goods to satisfy the needs. Land factor: the important factor in the production process. The land factor It includes more than just the mere territorial extension.
We also include its rivers, flora, fauna and mineral resources. Capital factor: has been considered in our days as pillar based on efforts to improve the living conditions of the economically underdeveloped countries. The concept of capital, refers to the goods of production manufactured by the hand of man in order to dedicate them to the production of other goods and services. Economics as a Social Science. Economic science part of the set of social disciplines that have as object of study the man in its various manifestations. Other disciplines that form the Group of social sciences: political science, sociology and psychology, each of these disciplines are studying the man from a different perspective. Social science displayed in terms of a dynamic process of adaptation the big problems of the human being; adaptation to the political order, adaptation to the social order, adaptacio0n to the environment physical and social environment. Finally economy study man in his struggle to solve the economic problem.An important stage of economic science is the studied economic institutions created by different societies as a means to solve the economic problem.