Economics is a very interesting subject. The scope of the economic domain is vast. Economics deals with market structure, consumer behavior, investment, growth, fiscal policy, monetary policy, the roles of the bank, and so forth. The list can go on for quite some time. It also predicts how economic agents behave in response to changes in economic and noneconomic factors such as price, income, political party, stability, and so on. Economic theory, however, is not specific. For example, the theory proves that when the price of a good increases, the quantity supplied increases, provided all the other pertinent factors remain constant, which is also known as ceteris paribus. What the theory does not and cannot state is how much the ...
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