Assalamualaikum.
Last few days, we started our first class. And we just learn about first topics,
The topics is about The Introduction of Economics
We learn basic as been told by our lecturer. The situation just relax and easy going.
Do you know about Economics? If yes, please leave a comment on the box below. If you are not sure, try to scroll down this page to know the definition of economics. Good Luck!
Definition of economics
- social research about individual and society attitude to contribute and distributed the limited factors of production to produce to produce the unlimited demand of the goods and services .
- Economics have two types :
:) MACROECONOMICS
MICROECONOMICS
- micro means looking closer into small units
- microeconomics provides an outline for choise and decision making of an individual , a busines and the public at large
MACROECONOMICS
macroeconomics studies the aggregate behavior of the entire economy
- study the gross domestic product, the national income , inflation, deflation, unemplyement, public finance , the trade cycle , the international trade and others.
POSITIVE AND NORMATIVE ECONOMICS SYSTEM
Positive economy statement
Statement which based on facts and not value judgement.Can be tested and verified
Positive economy statement
Statement which based on facts and not value judgement.Can be tested and verified
Example :
Government - provided healthcare increases public expenditures
Its a positive economic statement, because it can be proved or disproved by exammining healthcare spending data in countries like Canada and Britain where the government provides healthcare
Normative economy statement
Statement which is bases on value judgement and on personal opinion.Cannot be tested.
Example :-
Government should provide basic healthcare to call citizens
There is no way to prove whether government 'should' provide healthcare,this statement is based on opinions about the role of government in individuals lives, the importance of healthcare and who should pay for it