Economics

Economics!

The branch of knowledge concerned with the production, consumption, and transfer of wealth. The condition of a region or group as regards material prosperity. It’s the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behavior and interactions of economic agents and how economies work.

Macroeconomics analyzes basic elements of the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the entire economy (meaning aggregate production, consumption, savings, and investment) and issues affecting it. Including unemployment of resources (labor, capital, and land), inflation, economic growth, and the public policies that address these issues (monetary, fiscal, and other policies).

Economics - ilearnlot

What is the Inductive Method of Economics?

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Learned, What is the Inductive Method of Economics? Steps, Merits, and Demerits! The Inductive Method: Induction “is the process of reasoning from a part to the whole, from particulars to generals or from the individual to the universal.” Bacon described it as “an ascending process” in which facts are collected, arr…

What is the Deductive Method of Economics?

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Learned, What is the Deductive Method of Economics? Steps, Merits, and Demerits! The Deductive Method: Deduction Means reasoning or inference from the general to the particular or from the universal to the individual. The deductive method derives new conclusions from fundamental assumptions or from truth established…

What are the Methods of Economics?

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Learned, What are the Methods of Economics? Explaining here! Definition of Economics: The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants. Human wants are unlimited, but the means to…follows: 1. Deductive and 2. Inductive Method.