Why does studying economic history matter?
Economics is a study which is concerned with factors like production, distribution, transfer of wealth, consumption, and other economy-related issues. Economics is divided into microeconomics and macroeconomics. It is also concerned about the allocation of different resources in an economy.
Answer and Explanation:
The study of economics and economic theories in the past is defined as economic history. It studies various methods, models, application, and...
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from Introduction to Macroeconomics: Help and ReviewChapter 4 / Lesson 7