Economics (402) BA Autumn 2023 Solved Assignments

Economics (402) BA Autumn 2023 Solved Assignments

Economics (402) BA Autumn 2023 Solved Assignments

Course Code(402)
Course TitleEconomics
SemesterAutumn 2023
Last Date To SubmitNovember 2023

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The earlier term was political economy. It is adapted from the French Mercantilist usage of économie politique, which extended economy from the ancient Greek term for household management to the national realm as public administration of the affairs of state. Sir James Steuart (1767) wrote the first book in English with ‘political economy’ in the title, explaining that just as: Economics (402) BA Autumn 2023 Solved Assignments.

The economy in general [is] the art of providing for all the wants of a family, [so the science of political economy] seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society and to employ the inhabitants. IIn such manner as natural to create reciprocal relations and dependencies between them, so as to supply one another with reciprocal wants.

Updates Assignment 2023

According to the American Economic Association. So, those resources include the time and talent people have available, the land, buildings, and equipment. And other tools on hand and the knowledge of how to combine them to create products and services. So, Economics is the social science that studies the choices that individuals, businesses, and governments. But and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. For example, a farmer can grow paddy, sugarcane, banana, cotton, etc. in his garden land. But he has to choose a crop depending on the availability of irrigation water.

Economics is the science that deals with the production, exchange, and consumption of various commodities in economic systems. It shows how scarce resources can be use to increase wealth and human welfare. The central focus of economics is on the scarcity of resources and choices among their alternative uses. The resources or inputs available to produce goods are limited or scarce. This scarcity induces people to make choices among alternatives. And the knowledge of economics is used to compare the alternatives for choosing the best among them.