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Not completely. See, politics do play a big part in the economy but also do the citizens. political leaders can pass laws but voters can veto or agree to those laws. Citizens also pay taxes and buy things.

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Who is the father of micro economics?

Adam Smith.. Since during his time Economics be almost wholly concerned with Microeconomics, he is, therefore, more precisely the father of Microeconomics.


Why is economics a required course for graduation?

Depends on your degree. Prior to college, almost always none; but you might have to take a few Economics courses while in college.


What is the full form economics?

This is when the economy is working at its full potential. Unemployment is low and the supply and demand are almost equal.


Economics is a science of wealth?

In simple words it is a twin theme of Economics or i think it is best definition of Economics as followingGoods are scarce and our Society must use it Efficiently.scarcity-insufficient of resources like land,labour,and capital.efficiency-maximum use of resources.


Is economics a science or social science?

All social sciences, including economics, involve elements of science (the ability to predict) and elements of non-science. Economics is "scientific" to the extent that it involves elements -- such as the theory of supply and demand -- that predict actual, empirical, events pretty well. But the complexity of human life in society and the difficulty of studying the economy from the inside make it difficult for economists to develop completely predictive theory for all aspects of the economy. Thus, it is common for normative (or ethical) elements to creep into standard economics, as with the faith that "free markets" are the best solution to almost all human problems -- or the contrasting technocratic vision.

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Who is the father of micro economics?

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