Economics and Its Great Men.

Economics is a science concerned with how people use available resources to satisfy their wants through the process of production and exchange.
Adam Smith was the founding father of modern economics as an academic discipline. He was born in 1723. For most of his life he was a professor of philosophy in Glasgow, Scotland. His first and only economic book, The Wealth of Nations, was not published until 1776, when he was 53.
Smith tried to explain why some nations become wealthier than others. He believed that a free market would maximize the welfare of population. For his opinion the role of government in the economy should be minimal, because the government restraints on competition did more harm then good. He thought that competitive business the best way to increase the wealth of nation and only market intervention should be to prevent monopoly and to promote competition.
Adam Smith argued that technical progress, division of labour and free trade between nations were central to economic growth. If a country wished to improve its standard of living it had to export more than it imported.

Macroeconomics

Economics is a science concerned with how people use available resources to satisfy their wants through the process of production and exchange. The founding father of modern macroeconomics is Adam Smith. Economics is divided into microeconomics and macroeconomics. Microeconomics studies economic relationships of individuals, I mean household and business. And macroeconomics studies nation’s economies and global world economy.
There are financial system, world financial and commodity markets and major laws of economy analyzed by macroeconomics. Inflation, GDP, economic balance, economic growth, employment – are the main definitions uses by macroeconomics. It also tries to fix role of the government in the economy and reviews its fiscal, monetary, taxation and social policies.
Macroeconomics is very important branch of economics. Its aim is to helps governments keep inflation low, find ways to destruction economic imbalances, to improve employment opportunities and to maintain economic growth.

Accounting and auditing

Accounting is language of finance which all business decision-makers must understand. It is the process of capturing, possessing and communicating financial information. So it is an information system that accumulates, records, classifies, summaries and report commercial transactions. The aim of this process is to show the financial condition of a business entity.
Bookkeeping is a small part of the system and deals with record-keeping.
Accounting information are uses by managers, investors, and different groups in society such as tax authorities, labour unions, local governments, financial analysts and others.
There is public, private and governmental accountings are the major branches of accounting. Private accountants are employed by business firms. They prepare budgets and performance reports witch are needed to decision-makers. Public accountant are people who provide services for a fee. One their main functions is auditing. They analyze financial information, statements and offer their opinion on their accuracy and reliability. Governmental accounting is the accounting function performed for central and local governmental institutions.

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