1.

The elements involved in the objective of satisfying wants are;

 Human wants
 Use of Resources
 Technique of Production
2. Economic analysis is the process of directing economic relationships by
examining economic behaviour and events and determining the causal
relationships among the data and activities observed. Economic analysis
essentially entails the evaluation of costs and benefits. It starts by ranking
projects based on economic viability to aid better allocation of resources. It aims
at analyzing the welfare impact of a project While, economic policy consists of
intervention or courses of action taken by the government or other private
institutions to manipulate the results of economic activity. The economic policy
adopted by the government may be monetary, fiscal or trade for the purpose of
achieving economic welfare. Economic policy covers a wide range of measures
which governments use to manage their economy. These include monetary
policy (money supply and demand), taxation, budget, job creation, etc.