list of key terms and references for the final exam the final exam will consist of 3 parts: part 1: microeconomics: principles, supply and demand. Economics Notes [PDF Library] - Free download as PDF File .pdf), Text File .txt) or read online for free. provide to the students of Economics Class XIIth a study material / Module to enable them to understand the basic concepts of Micro and Macro Economics in a.
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Department of Economics, School of Business and Management Sciences. Indiana .. Following the reading assignments are the lecture notes for each chapter. These notes are prepared for the Microeconomic courses I teach at the as well as the Department of Economics, University of Oxford for hosting during the. econ intro nature of economics resources land labour capital commodities things produced goods tangible services intangible production act of making.
Economics as a Science of Wealth: As the name of the book suggests, Adam Smith defined economics as an enquiry in to the nature and causes of the generation of the wealth of a nation. Say also defined economics as a science which deals with wealth. Salient Features: Adam Smiths definition tries to increase the prosperity of the nation:
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Economic activity: In consumption, we study wants, their origin, nature and characteristics and the laws governing them. It refers to all activities which are undertaken to produce goods and services for generation of income and satisfaction of wants. Economic activity which studies how income generated from the production process is distributed among the factors of production.
Statistics is widely used in many fields. It collects data to fulfill its welfare objectives. We are not responsible for any type of mistake in data. All pdf files or link of pdf files are collected from various Resources Or sent by Students. If any pdf file have any copyright voilation please inform us we shell remove that file from our website. Class 7. Under deductive method conclusions are drawn on the basis of certain fundamental truths.
Law of demand and law of supply are based on deduction. Steps or stages of Deduction: 1. Perception of problem.
Making assumptions. Formulating hypothesis. Testing or verifying the hypothesis. Inductive Method: - The inductive method is also known as historical, empirical or posteriori method. This method mounts from particular to general. Induction is a process in which facts are collected, arranged and then general conclusions are drawn.
Steps or stages of Induction: 1. Perception of the problem. Collection, classification and analysis of data using appropriate statistical technique. Finding out the reason of relationship existing.
Setting up rules and general laws. These terms were first used by Prof. Ragnar Frisch of Oslo University. Micro Economics: - Microeconomics deals with a small part or a small component of the national economy of a country.
Microeconomics may be defined as that branch of economic analysis which studies the economic behavior of the individual unit, may be a person, a particular household, or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics we examine the trees not the forest.
Since microeconomics splits up the entire economy into smaller parts for the purpose of intensive study, it is sometimes referred to as the Slicing Method. Dhirendra Singh Page 3 - C. Theory of factor pricing with its four constituent, namely, the theories of wages, rent, interest and profit.
Theory of Economic Welfare. Microeconomics is sometimes referred to as Price Theory, the reason being that prices are the main part of microeconomics. Macro Economics: - Macroeconomics is concerned with the economic activity in the large.
Macroeconomics may be defined as that branch of economic analysis which studies the behavior of not one particular unit, but of all the units combined together. Macroeconomics is the study of aggregates; hence, it is also called Aggregative Economics.
It is the study of the overall conditions of an economy, say, total production, total consumption, total savings, and total investment. Theory of Prices with its constituents of theory of inflation, deflation and reflation. Theory of economic growth. Interdependence of Microeconomics and Macroeconomics: - Microeconomics and Macroeconomics are complementary to each other. In fact, they are so interdependent that neither approach is complete without the other. In the words of Prof. Samuelson, There is really no opposition between microeconomics and macroeconomics.
Both are absolutely vital. You are less than half educated if you understand the one while being ignorant of the other. Central Problems of Economics There central problems of an economy arise from two basic facts, namely, the multiplicity of ends and the scarcity of means. Every economy has to face three problems What to Produce: - The economy has to take a fundamental decision that what goods and services are to be produced and in what quantity with the limited resources at its disposal.
How to Produce: - This is the problem of what type of technique is to be adopted for production; an economy may choose between labour intensive technique use of more labour than capital and capital intensive technique use of more capital than labour.
For Whom to Produce: - The third decision to be taken by an economy is : How to distribute the commodities and services among the different sections of the society? Capitalist Economy Free Economy or Market Economy : - A capitalist economy uses the impersonal forces of the market demand and supply or the price mechanism to solve its central problems. The basic features of a capitalistic economy are as follows There is a right of private property. The factors of production are land, machineries etc.
There is a freedom of work; every person is free to choose an engage in an economic activity he likes. The profit motive is most important in the capitalist economy 8. The consumer is the sovereign in a capitalistic economy.