Economic Institutions
Economics Institutions defined The term ‘economic institutions’ is usually used for socially sanctioned such concepts and structures which men have developed in the process of satisfying their material needs. Economic institutions provide basic physical subsistence for society and meet needs for food, shelter, clothing and other necessities of life. These institutions include production agriculture and […]
Branches/Modes of Economics
Economics defined In its most simple and concise definition, economics is the study of how society uses its limited resources. It is a social science that deals with the production, distribution, and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labor, capital, and enterprise. These are the four ingredients […]
Classical and Neoclassical Schools of Economics
Classical and neoclassical are two main schools of economics. Economics is a social science directed at the satisfaction of needs and wants.