According to Adam Smith, Economics is the science of wealth. It is the discipline of studying organisation of economic activities in society. Every economic system has goals that are Efficiency, Equity, Security, Freedom and Incentives. It is a present fixture in every economy but with a different order of priorities. Every economy has to answer three questions including what to make, how to make and from whom it should be made. Central government takes decisions in a Command economy, customs and rituals take the role of decisions in Traditional economy and forces of demand and supply in Market economy.
Microeconomics enables us to examine Revenue, Costs, Profits, and Economic Costs that are generated by Individual Business. It is the branch of economics that examines choices and interaction of individuals. Here the units of analysis are one person, one product, one firm or one industry.
Macroeconomics is an overall view of the economy’s performance and some issues that are majorly involved includes Unemployment, Inflation, Government Expenditures, and Banking. The overall performance of the nation is considered through national income accounting and thus enables the policy makers to compare and make policies in favour of the economy. They compare the levels of production and efficiency at regular intervals, gauge the long-run status of an economy and make polices depending on its growth, stagnancy and decline. They focus on creating policies that will help in promoting a positive outlook and detour negative results.
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We undertake assignments not limited to but including ‘The Principles of Economics’, ‘Economic Generalization of Laws’, ‘Interdependence and Gains from Trade’, ‘Wealth’, ‘Production’, ‘Consumption’, ‘Labour’, ‘Necessaries’, ‘Income’, ‘Capital’, ‘The Elasticity of Wants’, ‘Value and Utility’, ‘The Growth of Wealth’, ‘Industrial Organisation’, ‘Division of Labour’, ‘Influences of Machinery’, ‘The Growth of Population’, ‘Temporary Equilibrium of Demand and Supply’, ‘Marginal Costs in Relation to Values’, ‘The Theory of Monopolies’, ‘Oligopoly’, ‘The Cost of Production’, ‘Earnings of Labour’, ‘Commercial Banks’, ‘Market Interest Rates’, ‘Interest of Capital’, ‘Land Tenure’, ‘Market Forces of Supply and Demand’, ‘Macro economic Production’, ‘Government Policies’, ‘The classical model’, ‘Keynesian Cross Model’, ‘IS-LM Model’, ‘The AS-AD model’, ‘Exchange rate determination and the Mundell-Fleming model’, ‘Efficiency of Markets’, ‘International Trade’, ‘Externalities’, ‘The Economics of The Public Sector’, ‘Public Goods and Common Resources’, ‘The Design and The Tax System’, ‘Earnings and Discrimination’, ‘The Theory of Consumer Choice and Frontiers Of Microeconomics’.
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