Question

In 75-100 words (your own, that is) compare & contrast the 3 "schools of thought" covered "in class", the handout/outline, the lecture that goes with it & any other resource you might find. (For example, do they emphasize the demand or supply side of the economy; short-run or long-run; government intervention; et al.)

Answer 1

The classical economimc thought is first recognized ffrom the school of thoughts  initially propounded by the 18th-century Scottish economist and thinker Adam Smith.

classical economic which also known as liberal economic asserts the market function best with minimal government interferance. The theories of classical school focused on economic growth and economic freedom , stressing laissez-faire ideas and free competition.

where supply side of economy is made of macroeconomic theory whih argue that economic growth can be most effectively created by drecreasing regulation and taxes through which it is directly opposed to the demand side economy.

In The short run period the quantity of at least one input is fixed and the quantities of anothers inputs can be varried. whereas in long run period. the quantities of all inputs can varied

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