{"id":100917,"date":"2022-07-28T14:25:00","date_gmt":"2022-07-28T08:55:00","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=100917"},"modified":"2022-08-01T15:25:29","modified_gmt":"2022-08-01T09:55:29","slug":"fundamentals-of-economics","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/fundamentals-of-economics\/","title":{"rendered":"Fundamentals Of Economics for ABM CAIIB 2022"},"content":{"rendered":"\n

Fundamentals of Economics for IIBF<\/a> CAIIB: The Scottish historian Thomas Carlyle called economics the \u201cdismal science,\u201d but you don’t have to agree with him, though most people consider economics a technical, perplexing, and even mysterious subject. They often opine that it’s a field best left to the professionals, namely economists. But, in reality, economics should be quite simple. After all, economics is simply studying how we work, what we produce, and how we distribute and eventually use what we’ve created. Economics is concerned with who does what, who receives what, and what they do.<\/p>\n\n\n\n

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Fundamentals of Economics<\/strong><\/h2>\n\n\n\n

At the most basic, grass-roots level, we all understand the economy. As a result, we should all have an opinion on economics. <\/p>\n\n\n\n

Furthermore, political science, geography, mathematics, sociology, psychology, engineering, law, medicine, and business are all affected by or have a stake in economics.<\/p>\n\n\n\n

Interestingly, the English word economics is derived from the ancient Greek word “Oikonomia”, which means family or household management.<\/p>\n\n\n\n

In the late eighteenth century, the Father of Economics, Adam Smith, strongly supported economics as a study of wealth.<\/p>\n\n\n\n

Since then, the subject has come a long way, and this Greek or Smithian definition is no longer useful. The point of focus of attention has shifted over time. As a result, various definitions have emerged, which can broadly be classified into three categories:<\/p>\n\n\n\n