According to Adam Smith: " Economic is Science of Wealth Which is interested in Exchange of Wealth, Production of Wealth, Consumption of Wealth And Distribution of Wealth."
In Economic There are Four factors Of Production are discussed Land, Labor, Capital and Entrepreneurship are Most important in Production. These are also Called as Economic Resources.
Types Of Economics:
There are many Types of Economics But Here we discuss Some important Types Of Economics.
Macroeconomics: Macroeconomics is Branch Of Economics In Which We Study the Parts Of Economics in Collective Level. Usually The national Income (NI) Tax, Inflation rate, Unemployment Rate, Growth, etc are major discussions.The Macroeconomics is also Called " Economics Of Aggregate" Its linked with Aggregate Demand, Aggregate Supply etc.
Microeconomics: Microeconomics is Part of Economics in which we study the Single parts Of Economy Like Consumer Demand, Producers Supply, Personal Income (PI) etc.
Development Economics: In The Development Economics We discuss the Developing Countries Or Developed and Undeveloped Countries, According To Economists "The Development Mean If In any Country The Increase in National Income and per Capita income for over long Period of Time This Leads too Development.
Management Policies In Economics:
In economics we study the Management Policies. Management Policies are known as Fiscal and Monetary Policy. Which are Given:
Monetary Policy: Monetary Policy is related to Monetary Matters we can say Monetary Policy is Policy in which Money Supply MS and Money Demand MD are controlled by Government and Commercial Bank of Country. In Monetary Policy Government tries to Control the Demand and Supply of Money. Monetary Policy relates to Monetary Items Like tax, Inflation, Bonds etc. Central Bank Follow the Easy and Monetary Policy when its need.
Fiscal Policy: Fiscal Policy is related to Government Revenues and Expenditures. In Fiscal Policy Government collect income in the Shape of Tax. The Fiscal Policy want to maintain the Full employment without Inflation and Deflation.
- Ensure Full Employment
- Improve Living Stander
- Increase Per Capita Income
- Increase Production Level
- Decrease Inflation
- Prices of Goods and Services are maintained
- Batter Economic system