BASIC ECONOMICS

Science helps to make the world a better place; it is human endeavors towards building knowledge about everything, both living and non-living, through tested hypotheses and the creation of theories to make human life easier and better. Science is a broad subject that ranges from applied sciences to social sciences, studying both human nature, living organisms, and everything in its entirety in the universe at large.

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I will be writing on social science, which is where my interest lies most. Social sciences study human behavior in relation to their behavior among themselves and society at large. Economics, for instance, studies human behavior in the relationship between their needs and how those needs can be satisfied. The subject also makes us understand that these human needs and wants are insatiable due to the limitation of the resources used to satisfy those needs, given that they are scarce. It also teaches us about the scale of preferences, which tells us to prioritize our needs by listing them in a table from the most important to the least important. This will, in turn, help us to distribute our scarce resources efficiently and make informed decisions for the overall utilization of those scarce resources.

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The subject of economics also makes us understand the topic of cost; it states that the cost of a product or service is not the amount paid in monetary terms but that which you forgo in order to acquire that product. This is what is referred to as opportunity cost.

The subject also teaches us about foreign direct investment (FDI) and multinational corporations that engage in FDI, the advantages and the disadvantages, and how it can affect a country's economy both positively and negatively.

The social science having economics as an example has illustrated understanding of human behavior, showing the challenges of resource limitations and the importance to prioritize scale of preference, understanding the real cost of items offering understanding of choice. In addition, the topic of foreign direct investment its challenges and valuable importance. The subject of social science ultimately helps us with a deeper comprehension of ourselves in the world we inhabit.

My name is @rishagamo and the above is my response to the scifi-multiverse weekly prompt title “IN THE NAME OF SCIENCE”.

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