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BE 1203 Communication Principles

project work




Economics is a one of most important subject because it is doing marvelous service for the human. Harvey (1983,p.6) said that economics is the study of how people allocate their limited resources to provide for their wants. And in new millennium Faille and O’connor (2000,p.1) defined that economics is the study of how people choose to use their scarce resources in order to satisfy their unlimited economic wants. Regarding to above explanations we can get a brief idea about economics that it is mainly focused subject on people’s day to day life. Economic can be divide into three parts. These are descriptive economics, economic theory and applied economics (Hargue and stonier, 2005,p.1). Descriptive Economics, or Positive Economics, is the branch of economic inquiry that analyzes and explains economic phenomena as they are, without making any statements about how they ought-to be. Economic Theory provides an outlet for research in all areas of economics based on rigorous theoretical reasoning and on topics in mathematics that are supported by the analysis of economic problems. Applied economics is a term that refers to the application of economic theory and analysis. While not a field of economics, it is typically characterized by the application of economic theory and econometrics to address practical issues in a range of fields including labour economics, development economics, monetary economics, and public economics. Economists try to explain puzzling observations and facts about the economy( Taylor,2006,p.5) An economist is an expert in the social science of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics.

Department Of Building Economics 1

capital has several meanings . etc. To an economist. But normally the term capital means investment in goods that can produce other goods Entrepreneurs are people who organize other productive resources to make goods and services. They facilitate production but do not become part of the product (as with raw materials) or are significantly transformed by the production process (as with fuel used to power machinery).including the finance raised to operate a business. But some of other economists add another factor for the topic is entrepreneurship. development economics.0 Factor market In economics. monetary economics. Land is the natural resources available for production. Economics is using in every field to get more effectiveness from the field.p. Anderton (2000. The success and failure of a business often depends critically on the quality of entrepreneurship. Some economists regard entrepreneurs as a specialist form of labour input.9) argued that economics commonly distinguish three types of resources available for use in the production process.BE 1203 Communication Principles project work Economics 2. and studies. public economics. They are Land. Some nations are endowed with natural resources and exploit this by specialising in the extraction and production of these resources Labour is the human input into the production process. And also it has sectioned into more parts like labour economics. They call these resources the factors of production. Department Of Building Economics 2 . So that economists have catagorised economics into the parts as microeconomics and macroeconomics for the convenient of the studies. labour and capital. factors of production (or productive inputs) are the resources employed to produce goods and services. Regarding to the above details economics is a widely spread and very socialise subject in the whole world. It tends to be more scientific in its approach.

A. 2nd ed. Available from: http://www. C’onnor. Descriptive Economics [online]. Tuto2u.Economics. A. A text book of economic theory. Modern economics.2000.T.I.php[accessed 8 December 2009]..W.C. C.. Department Of Building Economics 3 .2000. 2008. Economics. Factors of production [online]. Basic economic principles. Delhi: A.com/what-is-appliedeconomics.co. Tatum....2005. Economic Theory [online].net/economics/content/topics/introduction/factor.htm [Accessed 8 December 2009].com/economics/economic+theory/journal/199 [Accessed 8 December 2009]. Taylor. Available from: http://www.2006. What is Applied Economics? [online]. and Faille.4th ed. Applied Economics [online].economyprofessor. 5th ed. J. T.wisegeek. Available from: http://tutor2u. London: The Macmillan press. Yannelis. Delhi: Longman. M. London: Greenwood press. J. Harvey.S. Delhi: Pearson education.B.N.C. and Stonier. Reuters. Available from: http://www.uk/journals/RAE [Accessed 8 December 2009].BE 1203 Communication Principles project work Economics 3.tandf. D.com/dictionary/descriptive-economics.1983.. Hargue. Economyprofessor. Available from: http://www.springer.htm [Accessed 8novamber 2009].. E.0 References Anderton.3rd ed.

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