The Objectives Of Macro Economics.

By nature economics is generally viewed as a science though not a natural or pure sciences. As a science, it is systematically studies nature rmtracug the relationship between cause and effect.

The objectives of macro economics include the following;

1. Good employment.

2. Balance of payment equilibrium.

3. Sustain economics growth.

4. Exchange rate stability.

5. Price stability.

Limitations of economic analysis.

1. Economy considers human activities only.

2. Of all economic activities, it only considers the economic activities of man.

3. Economics sees man as a normal(Rational being). In other words, economics doesn't consider the activities of an insane men.

4. The assumptions of all things being equal tend to cover many things.

5. Using money as the most viable measuring rod of its self.

Concept classification.

1. Wants.

2. Choice.

3. Resources.

4. Scarcity.

5. Opportunity cost.

6. Alternative forgone.

7. Ends.

In summary because human wants are insatiable or unlimited in nature and the means to satisfy man are limited.

Choices at made based on the scale of preference. The ones boy choosing make up the opportunity cost or the alternative forgonewhile the Ine chosen become the real cost.

Economic law and methodology.
Law as as concept may be variously defined. Generally, a law can be regarded as a general proposition or statement of tendency, more or less setting definite.

In ordinary sense, the concept law are bodies of rules that guide the behaviour of people in a society and the different types of law we have include the following:

1. Statutory laws.

2. Moral law.

3. Criminal law.

4. Scientific law.

5. Natural law.

6. Divine law.

7. Procedural law.

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