Economics is complete study of specified ends and limited means.
Economics is a wonderful subject and deals with the principles and laws that govern the proper working of an economy and its different parts. A financial system exists as of two fundamental facts. At start, human desires for services and goods are secondly and unlimited, prolific resources with that to make services and goods are scarce. Thus, a financial system has to make a decision how to utilize its insufficient resources to get the most possible pleasure of the members of the culture. It is the fundamental problem of shortage that provides boom to some of the economic related problems.
There has been much argument in between economist regarding the true economic theory content or its subject related matter. The matter and scope of subject of economics has been carefully defined. Each and every definition is imperfect scarce and as of different conflicting definition, confusion has been formed about the scope and nature of economics.
Type and subjects of economics
Mainly Economies are divided in 3 types known as, Command Economy, Market Economy, and Mixed Economy. Although Traditional economy is one more type but which is mainly changed into remaining three economies. Common subjects of economics are:
• Labour economics
• Development economics
• Environmental economics
• Monetary economics
• Political economy
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