Points To Remember in Economics
Here are some points from all the chapter which need to be aware while we study economics.
Chapter – 1
- Critic: One who criticizes another’s concept.
- Economic analysis: The analysis which relates to economic activities and policies of an economy.
- Economic decision: The decision which is guided by economic matters.
- Economic men: Those human beings who have only one target of earning wealth in their lives.
- Factor pricing: Method which deals with the price determination of factors of production in terms of rent, wage, interest, and profit.
- Human science: The science that deals with human activities and behaviour.
- Macroeconomics: The study of economics that deals with aggregate issues.
- Material welfare: Satisfaction that can be derived from the consumption of material items
- Microeconomics: The study of economics that deals with individual issues.
- Modern period: The period from 1932 and onwards in the history of economics
- Monetary stability: The economic system where money and banking activities are run smoothly.
- Neo-classical period: The period from 1890 to 1932 in the history of economics,
- Non-material welfare: Satisfaction that can be derived from the consumption of non-material items.
- Normative economics: The branch of economics that deals with what ought to be
- Policy formulation: The way of making policy in an economy.
- Positive economics: The branch of economics that studies about cause and effect on any economic issue.
- Product pricing: The method which deals with the price determination of a product
- Scope: Total area to be covered in an observation
- Social science: The science which studies human activities related to social issues.
- Subject matter of economics: The aggregate issues that economics studies.
- Theory of distribution: The theory of economics related to the distribution of goods and services,