Entrepreneurship is considered a factor of production because economic resources can exist in an economy and not be transformed into consumer goods. Entrepreneurs usually have an idea for creating a valuable

Scope means province or field of study. In discussing the scope of economics, we have to indicate it is a science or an art and a positive science or a normative science. It also covers the subject matter

An art is a system of rules for the attainment of a given end. A science teaches us to know; an art teaches us to do. Applying this definition, we find that economics offers us practical guidance in the

Differential Equation: this is an equation containing derivatives or differentials of one or more dependent variables with respect to one or more independent variables.

Economics as the science of wealth. Economics only in terms of wealth and not in terms of human welfare. Adam smith (1723 - 1790)

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