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economics, microeconomics, macroeconomics, branches of economics

Branches/Modes of Economics

Economics defined In its most simple and concise definition, economics is the study of how society uses its limited resources. It is a social science that deals with the production, distribution, and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labor, capital, and enterprise. These are the four ingredients...Read More
economics, classical economics, neoclassical economics, school of economics

Classical and Neoclassical Schools of Economics

Economics is a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. Classical Economics The fundamental principle of the classical theory is that the economy is self‐regulating. Classical economists maintain that the economy is always capable of achieving the natural level of real GDP or output,...Read More