what is the key difference between classical economic and Pre-classical economics?

Q: How did ideas relating to economics vary, and how did these evolve in Europe during the early modern…

A: Economics refers to the subject that helps us solve the problem of scarcity of resources and…

Q: Differentiate between classical and neo-classical economics.

A: "Classical" and "neoclassical" are the names for two philosophical approaches to economics. As the…

Q: What steps are involved in developing and testing an economic theory or model? What are the criteria…

A: As wants and desires of the individuals in the economy are unlimited but resources possessed by an…

Q: What are the key ingredients of an economic model, and why are models useful?

A: An economic model represents the quantitative relationship between two or more economic variables…

Q: Who did John Maynard Keynes advise with his economic theory?

A: The macroeconomic economic theory of total expenditure in the economy and its consequences on…

Q: what are some real-life examples of macroeconomics?

A: Gross Domestic Product: GDP is the total value of all goods and services produced within a country's…

Q: Can you describe the limitations of classical economics in terms of enhancing economic conditions?

A: The significance of free markets and little government involvement is emphasized by classical…

Q: How can you say that economics is part of today's society?

A: The resources in our economy are limited while the wants are unlimited. This makes the resources…

Q: Outline at least 5 key features of the classical economic thought

A: Classical economics is a school of economic theory that arose in the late 18th and early 19th…

Q: the father of classical school of economics was Adam Smith? a. True b. False

A: Adam Smith is considered the father of Classical economics, he had written “The Wealth of Nations”…

Q: why is the economy not self-correcting? What can be done about it?

A: The principle that if economy is left to its own devices is called self-correcting. When an economy…

Q: ow well do  ordinary people and  corporate executives conform to the way neo-classical economic…

A: Neo classical theory assumes that market forces of demand and supply are responsible for market…

Q: If economics is a positive science, why do economists always disagree

A: Let’s see it with an example, suppose a nation has a high unemployment rate. The government…

Q: Who did Milton Friedman advise with his economic theory?

A: Milton Friedman was an American economist and statistician who believed strongly in free market…

Q: How well do A) ordinary people and B) corporate executives conform to the way neo-classical economic…

A: Considering the Neo-classical economic theory, initially talking about the ordinary people, the…

Q: How modern macroeconomics is different from traditional macroeconomics?

A: The modern study and analysis of macroeconomics starts with how microeconomics units, consumers and…

Q: If you were the Prime Minister of the country, would you be more interested in your economic…

A: An economic advisor is a professional who gives master guidance on economic issues. This job can be…

Q: What is macroeconomics?

A: Macroeconomics deals with hoe an economy work on the aggregate level and study economy-wide…

Q: Why economics is a relevant subject, and why it's important?

A: Economics is an important subject for individuals, societies, governments, businesses and…

Q: Who is your favorite economic thinker and why? Who is your least favorite economic thinker and why?

A: Keynes is favorite economic analyst  Keynes clarified how the public authority can assume a…

Q: Economists have various perspectives and theories about how an economy should operat Which economist…

A: Smith contended that by giving everybody opportunity to deliver and trade merchandise however they…

Q: how macroeconomics uses models?

A: A macroeconomic model is an empirical instrument intended to explain the way a country or region's…

Q: How might a theory of the economy differ from a description of that economy.

A: The theory of the economy and the description of that economy affect each other. The theory of the…

Q: Define economics.

A: Microeconomics describes the study of decision making by individual economic agents such as…

Q: define macro or micro economics ?

A: Define macro or micro economics.