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Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

UGC NET ,UPSC and other Competitive exams Concept of Cash and Money (Macroeconomics)

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UGC NET ,UPSC and other Competitive exams  Concept of Cash and Money (Macroeconomics) Money Concept Cash is any thing or obvious record that is commonly acknowledged as installment for merchandise and ventures and reimbursement of obligations, for example, charges, in a specific nation or financial setting. The fundamental elements of cash are recognized as: a mode of trade, a unit of record, a store of significant worth and now and then, a standard of conceded payment.Any thing or irrefutable record that satisfies these capacities can be considered as cash. Cash is truly a new market wonder building up an item cash, yet almost all contemporary cash frameworks depend on fiat money.Fiat cash, similar to any check or note of obligation, is without use an incentive as a physical ware. It determines its incentive by being announced by an administration to be lawful delicate; that is, it must be acknowledged as a fullment inside the limits of the nation, for "all ob

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