Economics

Definitions of Economics

Article originally published in HubPages The term ‘Economics’ has been derived from the Greek word ‘Oeconomicus’, which means management of the household. Thus, economics means; ‘household management’ or ‘management of household affairs’. Household management refers to managing the unlimited wants of the family members within the limited income of the family. The beginning of the […]

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Ten Principles of Economics BBS First Year Microeconomics

Economics is all about making rational economic decisions in a state of scarcity. Economics study how scarce economic resources are allocated.And economics also analyzes the forces and trends that affect the economy as a whole, including the growth rate of output, the rate of the population that cannot find work, the rate at which price

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