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Economics Definition
Economics is a logic of choice. It teaches us the art of decision making in various fields like allocation of scarce resources, business problems, policy making etc.
Economics is an important tool for government in order to make the country to achieve growth and improve overall development of our country. We came across words like inflation, recession, GDP etc. All these economics terms and its variations will affect our day to day life. There are scarce resources like minerals, food, and other facilities have to be distributed carefully to all parts of the country without any bias to solve this type of complex problem economics is key to unlock it. countries plan, yearly budget allocation of fund to various schemes and so on all are the products of economics and its branches.
Economics is divided into various branches like:
- Microeconomics
- Macroeconomics
- Managerial economics
Microeconomics deals with the study of individual agents or units (for eg: -the behavior household of an individual buyer).
Macroeconomics deals with the study of an overall unit or economy and issues affecting it.
"Managerial economics is an evolutionary science in which business firms uses the applied economics in the management of its business"
Economics Homework Help
The Business firms face various problems like entering into the industry, the launching of the new product, dealing with competitors (especially in the oligopolistic market it is difficult to survive) coping with government rules and regulations( in the case of chemical, drugs, fertilizers the regulations are quite stringent). In order to survive itself and to grow the companies has to watch the economy of a country in which it is situated.
The Economics is also classified as normative science(describing “what ought to be”) and positive science(describing “what is”) Economics as a social science subject from the carrier point of view it is quite promising. One can opt for this subject, and look for opportunities in MNC’s, small firms, and even government jobs like economics services and so on. Some of the famous economists who would inspire you are John Kenneth Galbraith, Milton Friedman, Friedrich von Hayek etc. As an economist, you have the opportunity to improve the economy of our country provides a wide range of plans, schemes etc.
Topics in Economics
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