◆ 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
