Fantastic What Is Subject Matter Of Economics
Most of your daily monthly or life choices have nothing to do with money yet they are still the subject of economics.
What is subject matter of economics. Which occur in milder forms all the time. The subject matter of economics is concerned with wants efforts and satisfaction. Definitions of economics consider economics is the study of wealth welfare and scarcity of choice.
On the other hand microeconomics is the study of markets and industries so looks at things. Answered 5 years ago Author has 203K answers and 113M answer views. A short summary of this paper.
The determination of pricing for individual products is based on supply and demand. According to Marshall the subject matter is study of social man in respect to material welfare. The subject matter of economics is concerned with wants efforts and satisfaction.
According to this view the subject matter of economics is to study the continuous economic circle of wants-efforts-satisfaction. Effort leads to satisfaction. So the decisions taken by the government are meant for solving the problems of the whole society.
The subject matter of Economics is on explaining the world. Economics is a subject that studies about different variables that prevails in the economy both at macro as well as micro level. It can be defined in terms of the basis of represented definitions of economics economic activities and based on the modern approach.
Thus Wants-Efforts-Satisfaction sums up the subject matter of Economics. According to classical economists the subject matter of economics is wealth. SUBJECT MATTER OF ECONOMICS.