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22nd March 2016, 11:46 AM
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Join Date: May 2012
Re: What Is The Economic

Economics is the social science that describes the factors that determine the production, distribution and consumption of goods and services.

Economics is the study of how people choose to use resources. Resources include the time and talent people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services.

There are a variety of modern definitions of economics.

Some of the differences may reflect evolving views of the subject or different views among economists.

Scottish philosopher Adam Smith (1776) defined what was then called political economy as "an inquiry into the nature and causes of the wealth of nations".

Adam Smith, known as the Father of Economics, established the first modern economic theory, called the Classical School, in 1776

There are two main types of economics:

Macroeconomics
Microeconomics


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