ECONOMICS

WHAT IS ECONOMICS?
LECTURE #1
A GUIDANCE BY SIR SALMAN
 WHAT IS ECONOMICS?

ECONOMICS :
Economics is a social science concerned with the
production, distribution, and consumption of goods
and services. It studies how individuals, businesses,
governments, and nations make choices on allocating
resources to satisfy their wants and needs.
Economics can also be define as It’s the
study of scarcity, the study of how people
use resources and respond to incentives,
or the study of decision-making.
 SCOPE OF ECONOMICS

Economists have all kinds of jobs,

such as professors, government advisors,
consultants, and private sector
employees. Public policies can also be
made according to economics.
TYPES OF ECONOMICS

Economics study is generally broken

down into two categories.
MICRO ECONOMICS

MACRO ECONOMICS
 MICRO ECONOMICS
Microeconomics deals with individual units of an
economy such as individual consumer, individual firm
and small groups of industries.  
Microeconomics ranges from how these individuals
trade with one another to how prices are affected by the
supply and demand of goods. 
 MACRO ECONOMICS
Macroeconomics studies the overall
economy. This can include a distinct geographical
region, a country, a continent or even the whole
world. Topics studied include government fiscal
and monetary policy, unemployment rates, growth
as reflected by changes in the Gross Domestic
Product (GDP)
 ECONOMICS OF LABOUR
AND TRADE
The building blocks of economics are the
studies of labor and trade. Since there are many
possible applications of human labor and many
different ways to acquire resources, it is difficult
to determine which methods yield the best
results.
THE END