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Economics Homework Help Online

There is a multiplicity of modern definitions of economics. Some of the differences may reflect evolving views of the subject or different views among economists. The philosopher Adam Smith (1776) defined what was then called political economy as “an inquiry into the nature and causes of the wealth of nations”, in particular as: a branch of the science of a statesman or legislator with the twofold objectives of providing a plentiful revenue or subsistence for the people and to supply the state or commonwealth with a earnings for the public services.

J.-B. Say (1803), distinguishing the subject from its public-policy uses, defines it as the science of production, distribution, and consumption of wealth. On the satirical side, Thomas Carlyle (1849) coined ‘the dismal science’ as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis of Malthus (1798).John Stuart Mill (1844) defines the subject in a social context as: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.

Practice assignments underpin newly acquired skills. For example, students who have just learned a new method of solving a mathematical problem should be given model problems to complete on their own. Preparation assignments help students get prepared for activities that will occur in the classroom. Students may, for example, be required to do background research on a topic to be discussed later in class. Extension assignments are frequently long-term continuing projects that equivalent class work.

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