Economics means the knowledge of production, consumption, and sharing of money or wealth. Every county has a certain type of economy. For a better understanding, one can check the fiscal policy of that country. Economists study the economy of any state in terms of their microeconomics and macroeconomics. Moreover, there are different economies like the market economy and the sharing economy.
What is the basic definition of economics?
Economics is the social science which studies the behavior of the consumer making choice which goods and services to buy at the specific price. Economics also includes the study of consumption, production of stock, study of land and labor, investment of money and expenditure and taxes of government.
When was economics started?
Classical economics was started with the publication of Adam smith’s book named The Wealth of Nation in 1776. Classical economics was active in mid of 19th century and strongly followed by neoclassical economics in 1870.
Where do economists work?
Economics works in corporations, governments, nonprofit organizations, banking sector and education sector of the country. Economics also work in different international organization, economics research firm and solve in different economic issues.
Who is the founder of economics?
Adam Smith is the founder of economics. He wrote first book related to economics named The Wealth of Nation in 1776.
Why is economics important?
Economics is one of the important factors in the present world. Economics is important because it teaches us to complete the demand for scarce resources. It teaches us the proper use of capital and labor. Economics teaches us that how different factors work such as; demand and supply, inflation, interest rate, different factor of productions, and different factors to determine the price of goods and services.
How can economics help the world?
The economy is the basic part of the world and study of economics help people to understand the economy of the world. The study of economics unable people to understand behavior of the consumer, different types of business, expenditure, and taxes of government, and face the different threats and opportunities appear when things change.