Assignment:
Answer the following questions point by point. Follow the APA style, avoid plagiarism and use references.
1-Define the economy as social science and explain the difference between social science and natural science.
2-Explain the apparent contradiction between limited resources and unlimited desires.
3-Define the opportunity cost and explain the difference between this economic concept and the accounting cost.
4-Define the demand for a product or service. What does the law of demand say?
5-What happens with the demand for a product or service if the price increases? What happens if the price goes down?
6-How is the quantity and the equilibrium price determined in a free market economy?