1) Define - Look it up, provide a verbatim description from text or other resource. 2) Paraphrase...

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Economics

1) Define - Look it up, provide a verbatim description from textor other resource.
2) Paraphrase - Put it in your own words, use vocabularyfamiliar to you and find a way to easily explain the term/conceptto someone else.
3) Connect - Examine how the term/concept is present (orlacking) in your life. Provide a story/example of a time when youhave noticed/evaluated the term/concept as part of yourexperience.
Additionally,
4)Please investigate the history of economics and report(Chronologically) on some of the major players/schools of thoughtand their contributions to the field.
reference

Answer & Explanation Solved by verified expert

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Answer 1 Define Economics in simple words implies the study on the usage of finite resources by human society In short Economics studies how societies produce goods and services and how they consume them Answer 2 Paraphrase As mentioned above it is a study of usage of limited resources by human society Economic activity starts right from the time we step outside our home To take an example of a taxi driver and a passenger we can see taxis honking down the street for passengers Passengers board the taxi and get down to their drop point in exchange of this service driver gets the fare and that result in income So if we look at this whole process we understand that this is marked by the three most important traits namely poduction See Answer

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