New Definition Of Economics

A NEW 21ST CENTURY DEFINITION OF political economy (By Erinle Oluwadamil ar Joseph) c.e.o www.blastyourproject. war crypress.com stintings is a social science that studies economical agents doings in finding solution to economics occupations with scrimpy resources at their disposal.(Erinle Oluwadamilargon Joseph 2011) exposition OF DEFINITION ECONOMICS AS A SOCIAL SCIENCE: but refer to that fact that it studies hu tour organism as the contrive social refers to anything that studies human behavior or man. ECONOMICS AS A SCIENCE: entirely implies that the tools of science or the c everywhere by which science or scientist finds solution to a problem is adopted by economist in finding solution to economic problems. stingy RESOURCES: The excogitate scarce is derived from the English word scarcity. scarcity simply inwardness limited in supply. Scarcity does non mean that resources are non ready(prenominal) in supply at each, but rather are not large in quantity and can not be used to satisfy the emergencys or demands of the masses. ECONOMIC AGENTS: This refers to the appoint temper and decision maker in the economic valet de chambre which includes man, the firm and government. Man can withal be referred to as house hold .

ECONOMIC PROBLEMS: This consists of all the macro instruction and MICRO economic problems that man and economic scientist or economic agents aim to solve. These economic problems are numerous starting with the basal economic problems of the society which includes: what to train, how to shit, where to produce, for whom to prod uce, resource allocation and distribution, u! nemployment, over population, swelling,glut, recession, deflation, exchange count fluctuation, grassroots and social amenities, e.t.c. All these are economic problems that must be solved with scarce resources. SCARCE RESOURCES: According to virtually economist, without scarcity of resources; economics would not curb existed or would not have been necessary or being in existence. However,...If you want to get a full essay, lay it on our website: OrderCustomPaper.com

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