Author - Economics City

The importance and utility of the subject of Economics can be judged from this fact that it is now considered to be one of the most important and...

Microeconomics and macroeconomics are interdependent. Microeconomics takes a close-up view of the economy and concentrates on the choices made by...

Our satisfies maximum of his desires on priority basis. He achieves his satisfaction up to a maximum level with the help of available and...

Positive Science: Positive science relates with the causes and facts about a certain problem and studied as “They are” in which a...

Being a social science, economics deals with whole of the society. Therefore, instead of individual behaviour, collective economic behaviour is...

Now comes the important question of whether economics is a science or an art? Before we go to take up the question, we will first of all define what...

Macroeconomics / Macro Economic Analysis: The word “MACRO“. is derived from the Greek word “MAKROS“, which means large...

Microeconomics / Micro Economic Analysis The word ‘MICRO‘ is derived from the Greek word ‘MIKROS‘, which means...

Kinds of Economics: The following are kinds of economies: (1) Descriptive economics (2) Theoretical economics (3) Applied economics (1) Descriptive...

Subject Matter of Economics: Different economists have different opinions regarding subject matter of economics. According to Adam Smith and his...

There me two methods of deriving economic laws or methods of economic analysis: (l) Deductive method (2) Inductive method Deductive Method:...

Inductive Method: Induction means reasoning or inference from particular facts to general principles. Inductive method is a process of arranging...

Physical / Natural science e.g. Physics, Chemistry, Biology, Geography etc. deal with matter. These sciences are made by experiments on the matter in...

Moral laws are the most accepted values of a society particularly based on the teachings of a religion.  These laws clearly tell us either to do...