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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

RBSE 12 Economics Top 30 important questions

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RBSE 12 Economics Top 30 important questions Micro Economics RBSE 12 Economics Top 30 important questions www.iemsnet.com Explain central problem of economy. State and explain law of diminshing marginal utility.  Explain the concept of indifference curve with its properties. State the difference between movement along a demand curve and shift in demand curve. Explain the difference between(a) subsitute goods and complementry goods (b) Normal goods and inferior goods. State and explain law of demand with shedule and diagram. What is price elasticity of demand and explain various method for measuring price elasticity of demand. Explain various factor which determine price elasticity of demand. What are the factor responsible for shift in supply curve and how tax,subsidy and technology effect supply curve State and explain concept of production function and difference between short run and long run production. State and explain law of variable proportion. Expain short

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