Positive or Normative Science

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Positive or Normative Science In discussing the scope of Economics. we have also to consider whether Economics is a positive or a normative science. A positive science only explain what is and normative science tells us  hat to be, i.e., right or wrong of a thing positive sciatic describes, while the normative science valuate . When we say. for […]

True Nature of Economics

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True Nature of Economics It is however. necessary to understand the true nature of Economics. The paradox of economical is that it is a science and yet it cannot predict future course  as the natural sciences like Itchy,and Chemistry can. Man is endowed with a condom of will. Prediction in human behavior is. therefore, difficult. To quote Durban. Certainty will […]

NATURE AND SCOPE OF ECONOMICS

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NATURE AND SCOPE OF ECONOMICS Willie discussing the nature and scope of Economics, we may ) the subject-matter of Economics (already discussed above), (h) whether Economics  science or an art (and we think it is uh, since it has both the theoretical and applied a, peers: it is both light-giving and fruit-bearing), (c) whether it is a positive science or nor;palliative science, […]

SOME MAJOR ISSUE SAND PROBLEM SIN ECONOMICS

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SOME MAJOR ISSUE SAND PROBLEM SIN ECONOMICS I. Which goods arc to he produced and ) in what quaintness. 2_ All location of  the economy has further to determine the allocation  scarce  resources III money. men, and materials among the goods and services to be produced allocation of resources has also ‘to be determined between the present and the future […]

MACRO-ECONOMICS OR THE THEORY OF INCOME AND EMPLOYMENT

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MACRO-ECONOMICS OR THE THEORY OF INCOME AND EMPLOYMENT Macro-economics deals also with how an economy grows. In other words. it analyses the chief determinants of economic development and the various stages and processes of economic growth. This part of economic theory has been largely developed in the last two-three decades. Economic growth is a long-run problem and as·such it is a post-Keynesian development […]

Importance of Micro economics

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Importance of Micro economics Micro-economics occupies it very important place in the study of economic theory. It has both theoretical and practical importance. From the theoretical point of view, it explains the functioning of a free enterprise economy. It  or consumers and decisions about the allocation of produce  resources among millions of good and services It explain how through market  produced […]

MICRO ECONOMICS

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MICRO ECONOMICS The word ‘micro’ means a millionth part. When we speak of micro – economics or the micro approach, what we mean is that it is some small part or component of the whole economy that we are analysing. For example, we may be studying an individual consumer’s behaviour or that of an individual firm or what happens in any […]

SUBJECT MAlTER: MICRO AND MACRO ECONOMICS

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SUBJECT MAlTER: MICRO AND MACRO ECONOMICS An economic system may be looked at  whole or in terms of its innumerable decision  making units (such as consuming units e.g., individual consumers and households), producing units. (e.g., firms, farms business and mining concerns), individual factors of production (e.g., labourers, land-owners, capitalists, entrepreneurs), and individual industries, (e.g., cotton textiles, iron and steel, toy-making): When […]

Introduction

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Introduction In Discussing the nature and scope of Economics. we consider the nature of economic laws and limitations of Economics. We also discuss its subject matter and consider whether it is a science. positive science or a normative science and whether it can solve practical problems.   MANAGERIAL ECONOMICS Managerial economics takes into account the following subject mailer: […]