Please be well informed that the Neoclassical view on economics decribes supply and demand as a powerful force of production, goods and services
- One alternative to neoclassical view simply focuses on the interplay of neoclassical and Keynesian
- Hubbert's bubble means that rise, peak, and decline of fossil fuel production.It describes and focuses on the relationship between production rate of a resource over time.
- The tragedy of the commons means a condition whereby a person have ability to access public resources thereby leading to the depletion of the resource.
- One common thing that puts tremendous pressure on our biodiversity and natural resources is that demand for resources by a developing economy
What is economics?
Economics can simply be defined as a social science which studies human behavior in relation to ends and scarce means which have alternative uses.
The study of economics is so interesting as it helps us to understand areas such as:
- Supply & demand
- Perfect & imperfect competition
- Taxation
- International trade
- Price controls
- Monetary policy
- Exchange rates
Interest rates
Unemployment
Inflation e.t.c
For a worthy of reason, we study economics in order to help us think strategically and make decisions to optimise the outcome.
Therefore, please be well informed that the Neoclassical view on economics decribes supply and demand as a power force of production, goods and services
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