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ECONOMICS
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Introduction:
Economics is a social science which studies economic behaviour of the people. Economic behaviourmeans how a man is earning income & how he is spending income for the satisfaction of wants. Thus,wants satisfaction through earning & spending is the main subject matter of economics.There are two branches of Modern Economics. These two branches are Micro Economics and MacroEconomics. These two terms were first coined by Prof. Ragnar Frisch in
1933.
FATHER OF ECONOMICSAdam Smith
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ECONOMICS
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Q1. WHAT IS MICRO ECONOMICS? EXPLAIN ABOUT ITS FEATURES
?
Meaning
: -
The term Micro Economics is derived from the Greek work ―Mikros‖ which means―
Small
‖
. Thus Micro Economics is the Study of the Economic actions of individuals units and smallgroup of individual units.Micro economics may be defined as
“
that branch of economic analysis which studies the
economic behaviour of an individual unit
”
. It is the study of one unit, rather than all the unitscombined together.
F
EATURES OF
M
ICRO ECONOMICS
1.
Study of Individual Unit
: - Micro Economics is the study of the economic actions of individualsunits such as individual consumer or producer, household, particular firm, price of particularcommodity etc.
2.
Microscopic Study
: - Micro Economics is Microscopic Study of the economy. It is like looking atthe economy through Microscope to find out behaviour of individual producers and consumers andworking of the market for the individual commodities.
3.
Price Theory
: - Price is the core
(heart)
of Micro Economics. It is concerned with the Theory of
Product Pricing with its two constituents. Theory of consumer‘s behaviour and theory of
production and costs.
4.
Slicing Method
: - Micro Economics is concerned with small or specific unit of an economy and adetailed study of it. Since Micro economics splits up the entire economy into small parts, it is also
known as ―Slicing Method‖.
5.
Science of Economising
: - It suggests economising
(optimum use of resources)
as the way out tosolve major economic problems in an economy.
6.
Tools for evaluating economic policies
: - Micro Economics provides tool for evaluatingeconomic policies of the state
(Government).
It explains conditions of efficiency in productionand consumption.
7.
Not a study of Aggregates
: - Micro Economics is distinct from Macro Economics. In MacroEconomics we are concerned with the economy as a whole. In micro economics we are concernedwith the study of Individual units.
Micro EconomicTheoryValue theoryDistributiontheory
Theory of
economicwelfare
ConsumptionAnalysis
ProductionAnalysis
Rent WagesInterest Profits
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