Term Paper In Economics

There are many examples of Applied Economics such as Industrial Economics, Managerial Economics and Agricultural Economics.In descriptive economics actual facts about a particular economic subject for the aim of study.

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Though the wants and needs of every economy have growth many folds; population and labour force have increased; sources and techniques of production have improved; infrastructural facilities have improved; facilities of research and development have developed; new natural resources have been explored; both the physical and human resources have grown; and production capacity of modern economies has grown tremendously, yet the growth in production and income has not been smooth.

Therefore, economics has to explore and exploit the available resources of economic growth and to employ them for the economic growth of the country.

Macro-economic examines the aggregates and averages of economic variables which included study of money, banking and financial institutions, general price levels, inflation theory of employment, income distribution, monetary and fiscal policies and problems of economic stabilisation.

Science is a systematised body of knowledge which establishes relationship between cause and effects. Use of Economic Laws and Principles: Study of economics involves the use of number of economic laws and principles.

In other words, the society has to decide how to make the best and most efficient use of available resources.

Modern view of economics is not confined only to the allocation of resources but is also concerned with the development of these resources.

Indian Economics is the example of descriptive economics.

Meaning of Business: Human beings in order to satisfy their needs take up many activities.

Business includes activities such as farming, mining, manufacturing, banking, trading, insurance, transport, construction and warehouse etc. Concept of Business Economics: Business Economics was attached different meanings in accordance with the objectives set.

According to one school of thought, business economics was conceived as an activity aimed at profit maximisation.

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