Applied Economics

study of economics in relation to real world situations

• Microeconomics

• Macroeconomics

• Econometrics

• Applied economics

the tension between the limited resources and unlimited wants and needs.

• natural resources

• scarcity

• opportunity cost

• poverty

this book analyzed how markets organized economic life and and produced rapid economic growth

• General Theory of Employment, Interests and Money

• Das Kapital

• The Art of War

• The Wealtn of Nations

the Greek translation of the word economics

• ekonomiya

• oikonomia

• okonomea

• oikomia

government activities towards taxation, borrowings and expenditures

• national budget

• money supply

• foreign domestic investment

• public finance

the three problems of economics is what to produce, how to produce and ....

• when to produce

• where to produce

• which one to produce

• for whom it will be produced

the author of the book "General Theory of Employment, Interests and Money" is

• Joseph Schumpeter

• Donald Trump

• Karl Marx

• John Maynard Keynes

this is responsible for the rapid technological change and high living standards during the 1980's.

• entrepreneur

• market

• innovation

• government

this is marketing of goods and services to different economic outlets for allocations to individual consumers.

• production

• distribution

• exchange

• consumption

this factor of production is paid in the form of rent or lease.

• land

• labor

• capital

• entrepreneur