10 Facts about Economics
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.
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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
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 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
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.
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