THE NATURE, SCOPE AND METHODS OF ECONOMICS

THE NATURE, SCOPE AND METHODS OF ECONOMICS THE INDIVIDUAL AND SOCIETY:- Most introductory textbooks of political economy begin by asking the question What is Economics somewhat? Although Economics is a vast subject and precise definitions ar usually complex and controversial, it is not a difficult proposition to give a simple and sensible answer to this staple fiber question. Economics is essentially a study of the ways in which mess fork out for their well-being. Economists are concerned with the study of man behavior as a relationship between ends and barely means which have alternative uses (Lionel Robbins). MICRO AND MACROECONOMICS:- Economics john be divided into micro economicals and macroeconomics. Microeconomics is the study of individual markets. (A market is an governance which links buyers and sellers.) For instance, an economist may study the market for crush discs. This will involve looking at the decisions and behavior of mountain who buy compact discs, the firms that sell the compact discs and any new(prenominal) groups which influence the price and availability of compact discs, such as the government While macroeconomics is the study of the whole economy.

It includes, for example, the study of the nature, causes, consequences of unemployment, inflation, economic growth and international trade and government policy. WANTS AND NEEDS:- Economics, twain macro- and microeconomics, is about the satisfaction of wants. It is necessary to be quite illumine about this; it is peoples wants or else than their needs which provide the motive for economic activity. People go to work in order to obtain an income which will buy them the things they want rather than the things they need. It is not possible to define need in hurt of any particular quantity of a product, because this would imply that a certain level of consumption is right for an individual. Economists tend to deflect this kind of value judgment which tries to specify how much people ought to consume. It is... If you want to get a full essay, order it on our website: Ordercustompaper.com

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