GENERAL KNOWLEDGE

Detailed explanation-1: -According to Samuelson, economics is the queen of social sciences.

Detailed explanation-2: -Economics is the queen of social science. It is the study of house society uses its limited. It is concerned with production distribution and consumption of goods and services. It examines how various factors affect the society the use of goods and services, the involvement of individuals, businessmen, and government.

Detailed explanation-3: -Barter system was the oldest system of money where goods were exchanged for goods and there was no common medium of exchange in the economy. Under this system, people exchanged commodities for commodities to satisfy their wants.

Detailed explanation-4: -Economics is generally regarded as a social science, which revolves around the relationships between individuals and societies. Critics argue that economics is not a science due to a lack of testable hypotheses and ability to achieve consensus.