Adam Smith is known as the father of microeconomics, the branch of economics concerned in the behavior of individual entities such as markets, firms, and households. In the book The Wealth of Nations (1776) Smith considered the manner in which individual prices are set, studied the determination of the prices of land, labor, and capital, … Read more
The economy is based on data showing the macro and microeconomic scenario. Most of the most important economic data is generated by specialized agencies. One of the agencies to find general data is the Department of Commerce of the United States which includes the Bureau of Economic Analysis and the Census Bureau. The BEA address … Read more
Economics is the social science that studies the production, distribution, exchange and consumption of goods and services. It examines how individuals, businesses, governments, and other organizations make decisions about how to allocate resources to meet their needs and wants. There are two main branches of economics: microeconomics and macroeconomics. Microeconomics examines how individual actors such … Read more