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TABLE OF CONTENTS WHAT IS ECONOMICS ?
FOUNDATION OF ECONOMICS WHAT IS SCARCITY ? WHAT ARE PRODUCERS AND CONSUMERS ? BRANCHES OF ECONOMICS MICRO- ECONOMICS MACRO- ECONOMICS IMPORTANT TERMS RELATED TO ECONOMICS CONTACT US THANK YOU
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The word ‘economy’ comes from a Greek word for “one who manage household”. Economics is defined as the study of scarcity, availability of resources, how people use resources and the study of decision making.
WHAT IS ECONOMICS ? Economics is a social science that influences and study human behaviour.
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FOUNDATION OF ECONOMICS ADAM SMITH (1723 1790), is known as the father of Economics. He established the first modern economic theory : the classical school in 1776. Adam Smith is also the author of the famous book named “An Inquiry into the Nature and Causes of the Wealth of Nations".
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WHAT IS SCARCITY ? Scarcity is all about the limited resources and the unlimited wants and needs of human beings. Here resource (for an individual) includes time, skill and money. Resource (for a country) includes technology, labour, capital and natural resources.
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HUMAN WANTS ARE UNLIMITED , RESOURCES ARE LIMITED AND IT LEADS TO SCARCITY ” “
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ECONOMICS” PROVIDES A SOLUTION TO BALANCE BETWEEN NEEDS AND WANTS. “
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CONSUMERS : A consumer is a person who buys a good or a service. PRODUCERS : A producer is a person who makes a good or grows a good or performs a service.
WHAT ARE PRODUCERS AND CONSUMERS?
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BRANCHES OF ECONOMICS Economics can be categorized into two categories :1. Micro- Economics 2. Macro- Economics
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Micro- economics is concerned with the study of behaviour of individuals. Micro- Economics shows how the individuals of an economy decide to allocate and use limited resources. What are the consequences of their decision ? The factors that determine the prices of goods or natural resources.
MICRO ECONOMICS
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Macro- economics is concerned with the study of behaviour of summation of the economy as a whole. Macro- economics is the study of total output of a nation. It studies about the method to allocate the limited resources. For example land, labour and capital. It provides the techniques for the promotion of trade. It provides the methods and ways to maximise the production level.
MACRO ECONOMICS
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IMPORTANT TERMS RELATED TO ECONOMICS There are some fundamental terms related to each and every subject, which are not general, which are related to that particular subject only and you need to know about them, to study that subject.
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IMPORTANT TERMS RELATED TO ECONOMICS … Now, let us discuss about some of the terms related to economics : SUPPLY AND DEMAND - It is the relationship between the quantity (produced or consumed) with respect to their prices. GROWTH - It defines factors that explain economic growth. For example, gross domestic product. FISCAL POLICY - It is implemented by the government. These policies have significance on the macro- economic conditions. BUSINESS CYCLE - It explains the various levels or stages such as depression and expansion.
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