Category Archives: Economics

2 Methods of economics

There are two methods of economics Deductive method Inductive method Deductive method- classical economists favour this method. It is also known as hypothetical or abstract or priori or analytical method. Under this method there are following steps:

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Features and Criticism of Economics as a Science of wealth

Economics is considered as science of wealth as it is a study of the factors which are responsible for wealth generation. Thus in Economics we study a body of knowledge which relates to wealth. Economics as a science of wealth … Continue reading

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Central Problems of an Economy

Human wants are unlimited and the resources to satisfy these wants are scarce. Every individual tries to satisfy more and more of his wants. The scarcity of resources in relation to wants give rise to the problem “how to use … Continue reading

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