Question

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

2) Paraphrase - Put it in your own words, use vocabulary familiar to you and find a way to easily explain the term/concept to someone else.

3) Connect - Examine how the term/concept is present (or lacking) in your life. Provide a story/example of a time when you have noticed/evaluated the term/concept as part of your experience.

Additionally,

4)Please investigate the history of economics and report (Chronologically) on some of the major players/schools of thought and their contributions to the field.

reference

Answer 1

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, distribution and consumption and this is engineered by fare which is nothing but money and this money indicates a medium to satisfy the greater demand of a consumer. In short we can say the desire to satisfy the need is what triggers economic actvitiy and the study of that is Economics.

Answer 3.

Connect.

So one concept that can be discussed in this context is that of elasticity of demand. Elasticity of demand explains changes in consumer response in relation to changes in quantity demanded owing to changes in prices.

For example any resources whose demand are high but are in short supply, to counter the demand for the resources usually price is raised high so as to counter the rising demand. Similarly resources that are abundant is supply and good enough to meet the ongoing demand, prices remain nominal or well within the managebale budget.

One example is the demand for chicken meat, due to Covid-19 there was decline in demand for chicken meat since there was report that chicken were potential carriers of cOVID-19 Virus, so price abruptly dropped from Rs 150 to Rs 30. This is because there was over production and sharp decline in demand resulted in decline in price.

Answer 4

History of Economics Chronologially.

We can say economic history is the study of economies or economic events of the past.

Primarily Adam Smith is considered as the father of modern economics. His Wealh of Economics was one of the renowed book for economic study and research
Then came mathusian theory of economics that focussed primarily on relationship between food supply and populations.
Marxian concept of economics gave more attention to the role of labor in the development of an economy
To understand the great depression of 1930 JM Keynes came up with an economic theory that focussed on total spending and its effect on output an inflation. Keynes advocated for increased government expenditures and lower taxes so that it acts as a stimuli to demand and pull the global economy out of depression.
In 1930's itself there was this concept of monetarism which states that the supply of money in an economy is the primary driver of economic growth. As per monetarist - supply of money in the economy, increases the aggregate demand for goods and services, this results in job creation, cuts unemployment, and increases consumerism, However the disadvantage to thisis the more demand less supply resulting high prices and inflation.
In recent decades it is Milton Friedmans work that exercised its influence on the economic decisions where in idea was that governments should focus on consuming less of an economy's capital so more remained in the system. With more capital in the system, it would be possible for the economy to operate without any government interference.
Seeing current trend in Global economy new idea that is emerging is on self sustainability, Governemnt should focus on running an economy that is sync with nature and is sustainabale so as to keep economic activity more independent from their control.