Modern economist divided the whole economics theories in two groups they are
1Microeconomics and2,Macroeconomics
Microeconomics:
it is a branch of economics which studies the small economic activities of a country,about the particular person ,family,society etc.
Macroeconomics:
it is a branch of economics which studies the whole economic activities of a country,it studies about the national income,total production,poverty level,price level,infalation,deflation etc.
On The Basis of Refresentative Definitions
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sumniba
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Different economist has given the different definitions of subject matter of economics.According to the classical economist Adam Smith the subject matter of economics is to study human activities related to the earing of wealth ,according to the neo-classical economist Alfred Marshall definition subject matter as a material welfare and modern economist Robbins defined subject matter interms of science of choice.
Superiority of Robbins's definition of Economics
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sumniba
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Robbin's definition of economics is regraded as the superior definition on the following ways
1Scarcity definition
Robbin's definition is concerned as a more scientific because if is far away from classificatory.It doesn't concern such vague(unnecessary)expression such as material,immaterial,economics ,noneconomic etc activities.It has studies human activities as a whole not particular part of them.
2Wider scope
Robbin's definition has weeded the scope of economics according to his definition economics is a neutral between the ends .The end maybe noble,ignoble,material,immaterial,economics,noneconomic etc.It is not concern with the similarities it studies all types of people whey they live in society or out of society.
3Universal applicable
Robbin's definition is universally applicable in any form of economics like communist economics,capitalist economics etc.it is present in all types of economy and all types of countries.
4Positive science
Robbin's definition of economics has regraded as a positive science.It studies all types of human activities whether are harmful or beneficial.It studies all the economic activities without concerning with welfare.
5Science of choice
The best aspect of this definition is that it regraded economics as a science of choice it is the best method of solving the economics problems by utilizing limited means for the fulfillment of unlimited wants.
1Scarcity definition
Robbin's definition is concerned as a more scientific because if is far away from classificatory.It doesn't concern such vague(unnecessary)expression such as material,immaterial,economics ,noneconomic etc activities.It has studies human activities as a whole not particular part of them.
2Wider scope
Robbin's definition has weeded the scope of economics according to his definition economics is a neutral between the ends .The end maybe noble,ignoble,material,immaterial,economics,noneconomic etc.It is not concern with the similarities it studies all types of people whey they live in society or out of society.
3Universal applicable
Robbin's definition is universally applicable in any form of economics like communist economics,capitalist economics etc.it is present in all types of economy and all types of countries.
4Positive science
Robbin's definition of economics has regraded as a positive science.It studies all types of human activities whether are harmful or beneficial.It studies all the economic activities without concerning with welfare.
5Science of choice
The best aspect of this definition is that it regraded economics as a science of choice it is the best method of solving the economics problems by utilizing limited means for the fulfillment of unlimited wants.
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