Economics. Demand, supply, and elasticity

The price elasticity of demand or supply will differ among goods.Economics is the study of how society allocates scarce resources and goods.Economics is the ancient science.Economics is the method and the instrument of thinking.Today the interest for economics is growing.The scope of economics is indicated by the facts with which it deals.As a scholarly discipline, economics is two centuries old.The first scientist who made extraordinary contributions in economics was Adam Smith.The distinction between makro- and microeconomics is a matter of convenience.Changes in income: the demand for a good may also be affected by changes in the incomes of buyers.