Basic Economics

The Nature of Theoretical Economics

Economics is a social science that studies the economic relationships and behavior of individuals, organizations, societies, and nations. The theories studied in economics are based on the facts relating to the behavior of human beings and other economic participants. Any fact-based on established and verified hypothesis got the status of theory. The theory that is …

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Basic and Central Problems of an Economy

Resources are scarce and they have alternative usages so that there arises the problem of choice regarding the use of these resources. This scarcity has always been with us and will be with us till eternity. Scarcity occurs among poor people as well as among rich people. It applies to everyone and every nation because there will never be enough of everyone that people want to have.

Elementary Issues and Concepts of Economics

Just like all the subjects have their unique concepts and issues, economics also has certain unique matters and issues. Many of the concepts and fundamental issues of economics are used in our day-to-day life. The major elementary issues and concepts of economics which have created the subject matter of economics can be discussed as below; …

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The Subject Matter of Economics

There are different approaches to define the subject matter of economics. It can be defined in terms of the basis of represented definitions of economics, economic activities, and based on the modern approach. Definitions of economics consider economics is the study of wealth, welfare, and scarcity of choice. It means the subject matter of economics …

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