10 Facts about Economics

Saturday, April 22nd 2017. | Economy


One of the interesting subjects is explained on facts about economics. Merriam-Webster Dictionary states that economics is related to the consumption, distribution and production of services and goods. Economics is included as a part of social science. The subject was renamed into economics from political economics by Alfred Marshall in 19th century. At that time, the term economics was more applicable due to the extensive usage of mathematics. Therefore, it was excluded from a political science. Let us check other useful facts about economics by reading the following post below:

Facts about Economics 1: the focus of economics

There are two major studies in economics. They are the macroeconomics and microeconomics.

Facts about Economics 2: the focus of Macroeconomics

Can you guess the focus of macroeconomics? It focuses on the entire economy. There will be many issues discussed in macroeconomics such as investments, production and saving. The effect of macroeconomics is also explained which include the fiscal and monetary policies, economic growth and inflation.

Economics Facts

Economics Facts

Facts about Economics 3: Microeconomics

If you want to talk about the basic elements of economy, you need to think about microeconomics. It focuses on the sellers, buyers, firms, and households. All of them are called individual agents.

Facts about Economics 4: the differences of economics

Economics is divided in a number of forms where you can create distinction. You can compare between the behavioral and rational economics, applied economics and economic theory, normative economics and positive economics, and heterodox economics and mainstream economics. Find facts about debt here.

Economics

Economics

Facts about Economics 5: the economic analysis

The application of economic analysis is spotted in various fields such as health care, finance, business, and government.

Facts about Economics 6: other fields

There is a wide array of subjects, which can be associated with economics such as science, war, social institutions, religion, politics, law, family, education, environment and crime.

Facts about Economics

Facts about Economics

Facts about Economics 7: the objective of economics

Have you realized the objective of economics? It is focused to increase the equality of living of the people for their daily basis.

Facts about Economics 8: policy

Economic policy will be applied related to the flow of good and service in the international trade. Therefore, the trade quotas and tariff rates can be determined. Get facts about Dow Jones here.

Adam Smith

Adam Smith

Facts about Economics 9: the unit for analysis

The unit of analysis is directed to an economic system of a society.

Facts about Economics 10: the centrally planned economy

The centrally planned economy is very rare today. However, some countries like Laos, North Korea and Cuba still apply this economic system.

Economic Pic

Economic Pic

Do you have any opinion on facts about economics?

 


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