Economy is a framework that deals with four major decisions i.e, investments, production, consumption and expenditure.
Economics was defined by ADAM SMITH, "the father of economics, as the science relating to the laws of production, distribution and exchange".
Economics consists of two main branches micro-economics and macro-economics. The former deals with the forces of demand and supply, market types, labour supply and demand on a ceterus paribus approach. The later is concerned with aggregate output and income, inflation etc.
Economics was defined by ADAM SMITH, "the father of economics, as the science relating to the laws of production, distribution and exchange".
Economics consists of two main branches micro-economics and macro-economics. The former deals with the forces of demand and supply, market types, labour supply and demand on a ceterus paribus approach. The later is concerned with aggregate output and income, inflation etc.
No comments:
Post a Comment