Reviewer For Economics Subject

ECONOMICS - As Social science is the study of the allocation of scarce resources to satisfy the commerce of men and women.Adam Smith, the first EconomistIs the father of economics.An English professor who has also somewhat of what we now call the “Bureau of Customs chief of England”Published his book “An inquiry into the Nature and causes of the wealth of Motion” around the time of the American Independence in 1776.He was a well-travelled man, tutoring the royalty of his time.He conceived a lot of rules, using the French language of Laissez faireMain Branches of EconomicsMicroeconomicsAims to give an understanding and appreciation of the basic theories and concepts in economics and their application to current national and international economic concerns.The focus of the course is on the economic activities of individual decision-making units in society, specifically households and firmsMacroeconomicsDeals with big picture, the allocation of resources on the aggregate level.Concentrates on the behavior of entire economies of nations, no matter how small.ScarcityWithout scarcity there would be no need for the study of economics.<span