What are the concerns of the macroeconomist?

With what sciences is economics compared?

It is compared with physics, astronomy, meteorology, psychology,, molecular biology, sociology, social psychology, art, fantasy writing, mathematics, metaphysics, cosmology.

What is the scope of economics? What does economics deal with?

The scope of economics is indicated by the facts with which it deals. It deals with output, income, employment, expenditure, interest rates, prices, production, consumption, transportation and trade.

What fields have economists invaded in recent years?

In recent years economists have invaded territory once claimed by political scientists and sociologists, physical anthropologists, experimental psychologists and paleontologists.

What was economics first considered to be?

Economics was first considered as a branch of domestic science (home economics).

A branch of what discipline did economics become in the Middle Ages?

In the Middle Ages economics became a branch of moral philosophy.

7. What changes had happened by the beginning of the 18^th century?

By the beginning of the 18 century economics had taken shape as academic discipline.

When did economics become an independent science?

In 1776 Adam Smith published his monumental Inquiry into the Nature and Causes of the Wealth of Nations, and economics soon became an independent science.

What was Smith’s vision of "society"?

According to Smith, society in its economic aspect is a vast concourse of people held together by the desire of each to exchange goods and services.with each other.

What was Smith’s vision of “each person”?

Each person is concerned directly to further his own self-interest.

What was Smith’s vision of "economic system”?

The economic system is a self-regulating mechanism that tends toward a state of equilibrium if left to itself.

What factor is usually used to classify economic systems?

Economic systems are often classified according to whatever the factors of production are privately owned, publicly owned or some mixture of the two.

What is “mixed economy”?

Mixed economy is such system that reveals ownership features of capitalism and socialism.

What is the definition of “capitalism”?

Capitalism is an economic system in which the owners of the factors of production and those making economic decisions concerning such things as production, savings, and investment are predominantly private individuals.

What does the word macroeconomics mean?

The word macroeconomics means economics in the large.

What are the concerns of the macroeconomist?

The macroeconomist’s concerns are with such global questions as total production, total employment, the rate of change of overall prices, the rate of economic growth and so on.

Дата добавления: 2015-11-14