Get premium membership and access questions with answers, video lessons as well as revision papers.
1. Chronological approach.
In this approach economic ideas are discussed in order of time.
2. Conceptual approach.
This deals with the evolution of different economic ideas and their interdependence.
3. Philosophical approach.
This was adopted by a Greek philosopher (Plato). In the past economics was considered as a body of ethics and it was used to discuss economic ideas by the greeks.
4. Deductive approach.
The classical economists adopted deductive methods and believed in universal application of economic thought.
5. Inductive approach.
The historical school emphasized on inductive methods which believes that economic ideas and laws are not universal in nature or character.
6. Welfare approach.
This aims at providing basis of adopting policies which are likely to maximize welfare of a nation.
7. Keynesian approach.
This approach was an accountant to classical school of economic ideas. The approach deals with the problems of the economy as a whole or in totality.
Jonmhumble answered the question on November 23, 2017 at 18:51
- What are the negative effects of declining population?(Solved)
What are the negative effects of declining population?
Date posted: November 22, 2017. Answers (1)
- Discuss the causes of income inequalities in Kenya(Solved)
Discuss the causes of income inequalities in Kenya.
Date posted: November 20, 2017. Answers (1)
- Explain the following terms as used in microeconomics. (a) Optimization principle (b) Equilibrium principle (c) Pareto efficiency (d) Budget set. (e) Marginal rate of substitution(Solved)
Explain the following terms as used in microeconomics
a. Optimization principle.
b.Equilibrium principle.
c. Pareto efficiency.
d. Budget set.
e. Marginal rate of substitution
Date posted: November 18, 2017. Answers (1)
- List three assumptions of well behaved preferences micro-economics(Solved)
List three assumptions of well behaved preferences micro-economics
Date posted: November 18, 2017. Answers (1)
- Outline the steps of the process of controlling.(Solved)
Outline the steps of the process of controlling
Date posted: November 17, 2017. Answers (1)
- What are the main features of classical approach as a theory of organization ?(Solved)
What are the main features of classical approach as a theory of organization ?
Date posted: November 17, 2017. Answers (1)
- State and explain macroeconomic policies used by the government to deal with macroeconomic problems.(Solved)
State and explain macroeconomic policies used by the government to deal with macroeconomic problems.
Date posted: November 16, 2017. Answers (1)
- What are the sources of a research problem?(Solved)
What are the sources of a research problem?
Date posted: November 14, 2017. Answers (1)
- Outline the advantages of sampling(Solved)
Outline the advantages of sampling
Date posted: November 9, 2017. Answers (1)
- Outline the qualities of good statistical enquiries.(Solved)
Outline the qualities of good statistical enquiries.
Date posted: November 9, 2017. Answers (1)
- 1.(i) What is hypothesis
(ii) State and explain types of hypothesis.(Solved)
1.(i) What is hypothesis
(ii) State and explain types of hypothesis.
Date posted: November 9, 2017. Answers (1)
- Differentiate between type I and type II errors in statistics.(Solved)
Differentiate between type I and type II errors in statistics.
Date posted: November 9, 2017. Answers (1)
- Outline the uses of index numbers.(Solved)
Outline the uses of index numbers.
Date posted: November 9, 2017. Answers (1)
- Outline the shortcomings of consumer price index numbers .(Solved)
Outline the shortcomings of consumer price index numbers .
Date posted: November 9, 2017. Answers (1)
- Outline the objectives of data classification.
(Solved)
Outline the objectives of data classification.
Date posted: November 9, 2017. Answers (1)
- What are the types of data classification?
(Solved)
What are the types of data classification?
Date posted: November 9, 2017. Answers (1)
- What do you think third world countries like Kenya should do to advance and develop to a world class country?(Solved)
What do you think third world countries like Kenya should do to advance and develop to a world class country?
Date posted: November 9, 2017. Answers (1)
- State and explain the problems in the choice of technology in underdeveloped countries.(Solved)
State and explain the problems in the choice of technology in underdeveloped countriescountries.
Date posted: November 8, 2017. Answers (1)
- Outline the objectives of investment criteria.(Solved)
Outline the objectives of investment criteria.
Date posted: November 8, 2017. Answers (1)
- State and explain the need for economic planning in underdeveloped countries.(Solved)
State and explain the need for economic planning in underdeveloped countries.
Date posted: November 8, 2017. Answers (1)