Economic


The world 'economic 'or originated from greek word 'oeconomicus'.The meaning of the word is the science of household management.According to greek philosopher xenophon economics;is the science of household ,management .Likewise,the greek philosopher aristotledas divided economics into two parts.One is 'economy proper economicus and the other is the science of supply or 'chrematistic'. Ancient oriental economist kautilya as well has taken economics as thescience of nation management or the ruling of a nation. science of nation management orruling of a nation.
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Medieual economists have taken economics as the science of wealth.After that Mercantilism took over the economics sector.Mercantilists took wealth and foreign trade as the base of economics.During that period nations of the world were after the wealth;they all had one motive that is collection of wealth.They all had the same slogan more wealth ,more power'.Around the mid eighteen century group of economicsts approached economics with different and n.micts ew thought.s

In this way ' According to J.R.hicks,"An economy or economic system may be defined as the co -operation of producer and worker to make goods and service to satisfy the wants of consumers.

Barack Obama urges Mid-East leaders to take opportunity


US President Barack Obama has urged Israeli and Palestinian leaders not to let the chance of a permanent peace deal "slip away". "This moment of opportunity may not soon come again," he said, pledging US support for the new negotiations. Mr Obama spoke the day before a new round of direct talks between Israeli PM Benjamin Netanyahu and Palestinian leader Mahmoud Abbas was due to begin. Earlier, he condemned the "senseless slaughter" of four Israeli settlers. They were shot dead by gunmen near the West Bank city of Hebron on Tuesday, with the armed wing of Islamist movement Hamas, which controls the Gaza Strip and opposes peace talks with Israel, saying it had carried out the attack. And in another attack, two Israelis were shot and wounded on Wednesday in the West Bank at Rimonim Junction, near the Jewish settlement of Kochav Hashahar and east of the city of Ramallah. The victims were a woman and a man, Israeli officials said, adding that the man was in a serious condition in hospital. Israeli police spokesman Micky Rosenfeld blamed Palestinian militants for the attack. 'Partners in peace' Mr Obama spoke at the White House on Wednesday evening after meetings with Mr Netanyahu, Mr Abbas, Jordan's King Abdullah II and Egyptian President Hosni Mubarak. His remarks came on the eve of the first direct negotiations between Israeli and Palestinian leaders in 20 months, which he said were "intended to resolve all final status issues". Mr Obama said the goal of the talks, which are expected to last a year, was a permanent settlement that ended the Israeli occupation that began in 1967 and resulted in an independent, democratic Palestinian state existing peacefully beside Israel.He said the US could not impose peace on the two parties, and that the US could not want peace more than them. And he praised Mr Abbas and Mr Netanyahu as leaders "who I believe want peace". But he warned of "extremists and rejectionists who, rather than seeking peace, are going to be seeking destruction." In remarks ahead of a Wednesday evening dinner with the Arab leaders, Mr Netanyahu described Mr Abbas as his "partner in peace", and said he would not allow the latest attacks to "block our path to peace". "Our goal is to forge a secure and durable peace between Israelis and Palestinians," he said. "We do not seek a brief interlude between two wars. We do not seek a temporary respite between outbursts of terror. We seek a peace that will end the conflict between us once and for all." Speaking next, Mr Abbas condemned attacks on Israelis and urged an end to bloodshed. He also called for a freeze in Jewish settlement construction in the West Bank, and said it was time to end the Israeli occupation of Palestinian land that began in 1967. "We will spare no effort and we will work diligently and tirelessly to ensure these negotiations achieve their cause," Mr Abbas said. King Abdullah said the group needed Mr Obama's "support as a mediator, honest broker and a partner". "If hopes are disappointed again, the price of failure will be too high for all," he said