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Economics is the part of knowledge and discipline or the systematic field of the study. It's a social science the is one of the number of sciences and concerned with study of the humans acting in a group. Such as the politics, anthropology and history. Economics is social science that is studies economic activity to the gain understanding of processes that the govern distribution, production and consumption of the goods and services in the economy.

Economics focuses on behavior and the interactions of economic agents or how economies work. Consistent with the focus and primary textbooks often the distinguish between microeconomics and macroeconomics. Microeconomics examines behavior of the basic elements in economy including the individual agents and markets their interactions and outcomes of the interactions. The  Individual agents may include.


Economics is the study of man in ordinary business of life. It enquires that how he gets his income and how he uses it. Therefore it is on one side the study of the wealth and on other and more important side part of the study of man. Economics is science which studies human behavior as relationship between ends and scarce means which have unconventional uses.

A branch of science of a statesman and legislator plentiful revenue and subsistence for people to supply state or commonwealth with the revenue for public services. An inquiry into nature and the causes of wealth of the  nations.


Economic history is a study of economies and economic phenomena in past. Analysis in economic history is undertaken using the combination of statistical methods, historical methods, and by the applying economic theory to the historical situations and institutions. History as the discrete academic discipline has been the contentious issue for the many years.

Academics at the London School of the Economics and the University of the Cambridge had numerous disputes over separation of the economics and economic history in interwar era. Cambridge economists believed that the pure economics involved component of the economic history and that two were inseparably entangled. History of the Capitalism" has appeared with the courses in history department. It includes the topics such as banking and regulation, insurance, the political dimension and impact on the middle classes, poor and women and minorities.


There are three parts of economics they are:

1. Microeconomics: The Microeconomics examines how entities forming market structure interact within market to the create a market system.

2. Macroeconomics: The Macroeconomics examines economy as whole to the explain broad aggregates and their interactions top down,

3. International economics: International trade studies determinants of the goods-and-services flows across international boundaries. It is also concerns the size and the distribution of gains from trade.


A generally accepted notion of the Value is worth of goods and services as determined by the market. Thus important part of the Economics is study of policies and the activities for generation and transfer of the Value within markets in the form of services and goods. One of the main complicated and mainly often misunderstood parts of the economy is concept of the value. One of the big problems is that large number of the different types of values that seem to exist, surplus-value, such as exchange-value, and use-value.


Principles of the Economics outlines Ten Principles of the Economics they are:

1. The People face tradeoffs.

2. Cost of something is what you give up to find it.

3. The Rational people think at margin.

4. The People respond to the incentives.

5. Trade can make one and all better off.

6. Markets are usually good way to organize the economic activity.

7. The Governments can sometimes improve the market outcomes.

8. A country standard of the living depends on its ability to produce the goods and services.

9. Prices rise when government prints too much money.

10. Society faces a short-run tradeoff between Inflation and unemployment.


Sometimes called the central, basic, or fundamental economic problem is the one of fundamental economic theoretical principles in operation of any economy. Mainly Four parts of the problem: The economic problem can be divided into the different parts in which are given below.

1. The Problem of allocation resources.

2. Problem of all the economic efficiency.

3. Problem of full-employment of the resource

4. Problem of the economic growth

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