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Definition and Types of Economics - 2 Video Lecture | Crash Course for Haryana Public Service Commission (HPSC) - HPSC (Haryana)
FAQs on Definition and Types of Economics - 2 Video Lecture - Crash Course for Haryana Public Service Commission (HPSC) - HPSC (Haryana)
| 1. What is the definition of economics? |  |
Ans.Economics is the social science that studies how individuals, groups, and societies allocate scarce resources to satisfy their unlimited wants and needs. It examines the production, distribution, and consumption of goods and services, focusing on how these processes affect human behavior and the overall economy.
| 2. What are the main types of economics? | |
Ans.The main types of economics are microeconomics and macroeconomics. Microeconomics focuses on individual agents, such as households and firms, and their decision-making processes regarding resource allocation. Macroeconomics, on the other hand, looks at the economy as a whole, analyzing aggregate indicators like GDP, unemployment rates, and inflation.
| 3. How does microeconomics differ from macroeconomics? | |
Ans.Microeconomics deals with the behaviors and choices of individual consumers and businesses, studying how they interact in specific markets. It addresses issues like supply and demand, pricing, and competition. Macroeconomics examines broader economic factors and phenomena, such as national economic growth, overall price levels, and employment rates, providing a comprehensive view of economic performance.
| 4. Why is the study of economics important in society? | |
Ans.The study of economics is crucial because it helps individuals and governments make informed decisions about resource allocation, investment, and policy-making. Understanding economic principles enables better management of resources, promotes efficient production and consumption, and helps address societal challenges like poverty and inequality.
| 5. What role do supply and demand play in economics? | |
Ans.Supply and demand are fundamental concepts in economics that explain how prices are determined in a market. Supply refers to the quantity of a good or service that producers are willing to sell at various prices, while demand represents the quantity that consumers are willing to purchase. The interaction between supply and demand influences market equilibrium, pricing, and consumer behavior.
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Oct 01, 2025
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