Economic Term Papers

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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The economic theories and economic tools frame this part.

This part is divided into static dynamic economics. Applied Economics tries to apply the results of economic analysis to descriptive economics.

It is a systematic collection, classification and analy­sis of facts. Poincere, “Science is built up of facts as a house is built up of stones, but an accumulation of facts is no more a science than a heap of stones in a house.” Thus, following are the essentials of science: (i) A systematic study of facts, (ii) Certain rules and principles, (iii) Rules and principles of science are based on causes and effects, and (iv) Rules and principles of science are universally applicable. Scholars, who argue that economics is a science, put the following arguments in favour of their opinion: 1. Economic facts are analysed on the basis of these laws and principles. It Establishes Relationship between Causes and Effects: Economics establishes relationship between the causes and effects of economic events. Universality of Laws and Principles: Laws and principles of economics are universal.

Systematic Study of Facts: Economics involves the systematic collection, classification and analysis of facts. Such relationship facilitates economic forecastings. They hold true in almost all the countries at all the times and in all the circumstances. Some scholars argue that economics is not a science.

They put the following arguments in favour of their opinion: 1.

Difference in the Opinion of Economists: There is vast difference in the opinion of economists on almost every issue.

It is said that where six economists are gathered, there are seven opinions.

In view of these differences, economics cannot be a science.

The main objective of the business economics is to be in business.

The business economics in order to survive and grow has to make profit along with meeting other societal obligations. Thus, along with economic objectives of profit maximisation, social responsibilities of business towards various stakeholders like owners, workers, consumers, society and government have gained a considerable importance.

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