Saturday, 25 July 2020

Economics and Economy

◆ Economics :-
Economics is the science which deals with human activities which are related to money and alternative use of scare resources

◆ Essence of Economics
(1) ● Scarcity
(2) ● Choice


◆ Microeconomics :-
Microeconomics is a branch of Economics that studies the economic problem and economic activities  at individual level

◆ Macroeconomics :- 
it is the branch of economics which studies economic problem and economic activities or issues at the level of whole economy

◆ Difference between Microeconomics and Macroeconomics

◆ Positive Economics :-
Positive economics   deal with economic issue  related to past, present or future.  which studied by using facts and figures.

◆ Normative Economics :- Normative economics it deal with opinions of the economist related to  economic issue or economic problem 

◆ Difference between Positive Economics and Normative Economics

◆ Economy :- 
Economy is a System which provide Scare resources to Human to earn their livelihood 

◆ Type of Economy 

(1) Market Economy :- 
In this type of economy , economic activities are free for private enterprise there is no direct control of Government. profit is the main objective in this economy

(2) Central Economy :-
In this type of economy , economic activities are fully controlled and managed by Government. Social walfair is the main objective in this economy

(3) Mixed Economy :-
In this type of economy ,  economic activities are controlled and managed by Government and Private Sectors 

◆ Difference between
MARKET ECONOMY , CENTRAL ECONOMY , MIXED ECONOMY