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Groups Members

• Rabia Nazar
• Rabiya Rafique

Definition of Economics.
What Is Economics.
Scope of Economics.
Is Economics is a Normative Science or
Positive Science.
Importance of Economics.
Perspective of Economics.
Definition of Economics:-

Economics is the that body of knowledge which

relates to the wealth, Its deals with phenomena of
Different Authors said different types of definitions
according to our thinking and thoughts.
For Example

• Scope of Economics:-
• Is Economics Science or Arts.
• Whether economic individual behavior
study or collective behavior study.
• It is impartial science or moral judgment.
• Is Economics is study of goodness and
badness of wants.
What Is Economics:-
Economics has different parts
• Descriptive Economics.
• Theoretical Economics.
• Applied Economics.
• Descriptive economics
facts are collecting regarding any specific economic
• Theoretical economics
Economic system of different countries are
discussed and explained here.
• Applied economics..
Practical efforts are made to solve the economic
• Importance of Economics:-

• Practical Importance

• Theoretical Importance
Theoretical Importance:-

• Intellectual Values
• Educational Benefits.
• Use Full Information.
• Understand a Working of
Economic System
• Theoretical import ants
1.intellectual values
It helps to understand the economic problems' student of economics
can easily observes the human behavior.
• Educational benefits.
Education of person can not compete without the study of
economics person ca cot fully understand the economics problems
of today without the study of economics
• Useful information
Without the study of economics national and international changes
can not be understood. to understand the economic problems e.g.
inflation, economic depression, unemployment, low level of national
income, and unequal distribution of
Wealth, and in balance of payment, the economics is necessary.
• To understand the working of economics system.
With the help of economics we are able to understand the
economic system and what are the basics problems of economics,
e.g. ; what to produce, how to produce, how much to produce and
for whom to produce.
Practical Importance
• To Consumer
• To Business
• Economics Planning's
• Practical important
1 to consumer
Our wants are unlimited and means to satisfy these wants are scares every
consumer tries to maximize his satisfaction with limited incom.the study of
economics tells how consumer achieve equilibrium position and maximizes
2. to business
Study of economics helps to understand the principles of business organizational
business man can plan the business well and can easily can grip the trade
transactions. 3 economics planning.
Independence and stability of a country depends on the economics prosperity and
stability. if country is not stable economically, it has to depend on foreign debts and
the debts giving countries starts interfering the internal affairs, which endanger there
freedom of country.
Perspective Economic
It has three elements.

• Scarcity and Choices

• Purpose full Behavior
• Marginal Analysis
Scarcity and choice
In which we have limited resources and unlimited wants.
Purpose full behavior
Consumers are purpose full in deciding what goods and services to
buy, business firms are purpose full in deciding ‘what to produce and
how to produce them. Government entities are purposeful in deciding
what public services to provide and how to finance them.
Marginal analysis
It is a comparison of marginal cost and marginal benefits
Its mean ‘extra unit units', or ‘change in’.