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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 FACTOR Value (MICROECONOMICS

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google.com, pub-3084614342339514, DIRECT, f08c47fec0942fa0 UGC NET ,UPSC and other Competitive exams FACTOR Value (MICROECONOMICS )  Factor Value Variables of creation can be characterized as sources of info utilized for delivering merchandise or administrations with the expect to make financial benefit.  In financial matters, there are four principle variables of creation, in particular land, work, capital, and endeavor. The value that a business visionary pays for profiting the administrations of these elements is called factor estimating. A business person pays lease, wages, intrigue, and benefit for profiting the administrations of land, work, capital, and undertaking individually. The hypothesis of factor estimating manages the value assurance of various components of creation. The assurance of factor costs is constantly thought to be like the assurance of item costs. This is on the grounds that in both the cases, the costs are resolved with the assistance of in

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