0
Prof.A.C.Dhas defines economics as "The study of choice making by individuals, institutions, societies, nations and globe under conditions of scarcity and surplus towards maximizing benefits and satisfying the unlimited present and future needs."
In short, according to Prof.A.C. Dhas, the subject Economics is defined as the "Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs."
Economics is generally divided into two sub categories, macro-economics and micro-economics.
Macro is more deals with the over all performance indicators of the whole economy. So things like government spending, GDP and unemployment rates. It includes models that explain relationships between national income, aggregate output and inflation.
Micro on the other hand studies and deals with market mechanisms this mainly includes studying households and firms and how they come together to allocate limited resources. This determines the price of goods and services and this relates to quantity demanded and supplied.
Most of the macro principals are built on micro concepts.
Prof.A.C.Dhas defines economics as "The study of choice making by individuals, institutions, societies, nations and globe under conditions of scarcity and surplus towards maximizing benefits and satisfying the unlimited present and future needs."
In short, the subject Economics is defined as the "Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs."
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
What 5 major economic goals?
Economic Effiency Economic Freedom Economic Security Economic Equity Economic growth and Innovation
An economic is a time of fast economic growth?
An economic growth_______ is a time of fast economic growth
What are the different economic system?
traditional economic system command economic system market economic system
Is economic growth necessary for economic development?
Economic growth is necessary for economic development but not a sufficient proof of economic development. The improvement of people's living condition is a greater assessment of economic development.
What are seven economic goals?
Seven Economic Goals are... 1) Economic Freedom 2)Economic Efficiency 3)Economic Equity 4)Economic Security 5)Full Employment 6)Price Stability 7)Economic Growth
What 5 major economic goals?
Economic Effiency Economic Freedom Economic Security Economic Equity Economic growth and Innovation
How did the war affects Americas economic situation?
It created economic problems .
An economic is a time of fast economic growth?
An economic growth_______ is a time of fast economic growth
What are the different economic system?
traditional economic system command economic system market economic system
Is economic growth necessary for economic development?
Economic growth is necessary for economic development but not a sufficient proof of economic development. The improvement of people's living condition is a greater assessment of economic development.
What are seven economic goals?
Seven Economic Goals are... 1) Economic Freedom 2)Economic Efficiency 3)Economic Equity 4)Economic Security 5)Full Employment 6)Price Stability 7)Economic Growth
What are the components and importance of economic environment?
The components of economic environment include economic conditions, economic systems, economic policies, international economic environment, and economic legislation. Each of these components rely on each other and decide the outcome of the environment.
What are the three different economic system?
traditional economic system command economic system market economic system
What are the Differences between economic history and history of economic thought?
the difference history of economic and history of economic thought
Which was not an economic effect of colonization?
Which of the following was not an economic effect of colonization? Global economic development
What are some trade-offs among social and economic goals?
•economic freedom and economic security, economic growth and economic equity, price stability and full employment. •
Are future economic trends influenced by economic theories?
Yes, the future economic trends are usually influenced by the economic theories.
