Page 1 Introduction to Microeconomics Page 2 Introduction to Microeconomics Synopsis • Meaning of Goods, Services, Individual, Resource. • Meaning of Economics • Economy • Types of Economy/ Organisation of Economic Activities • Economic problem • Why an economic problem arise • Central problem of economy • Production Possibility Frontier • Positive and Normative Economics • Microeconomics and Macroeconomcs Page 3 Introduction to Microeconomics Synopsis • Meaning of Goods, Services, Individual, Resource. • Meaning of Economics • Economy • Types of Economy/ Organisation of Economic Activities • Economic problem • Why an economic problem arise • Central problem of economy • Production Possibility Frontier • Positive and Normative Economics • Microeconomics and Macroeconomcs Key Terms • Goods: It means physical, tangible objects used to satisfy people’s wants and needs. • Services: It means the intangible satisfaction of wants and needs. Page 4 Introduction to Microeconomics Synopsis • Meaning of Goods, Services, Individual, Resource. • Meaning of Economics • Economy • Types of Economy/ Organisation of Economic Activities • Economic problem • Why an economic problem arise • Central problem of economy • Production Possibility Frontier • Positive and Normative Economics • Microeconomics and Macroeconomcs Key Terms • Goods: It means physical, tangible objects used to satisfy people’s wants and needs. • Services: It means the intangible satisfaction of wants and needs. Key Terms • Individual: It means an individual decision making unit, it can be a person or a group like a household, a firm etc. • Resource: It means those goods and services which are used to produce other goods and services. For instance, land, labour, tools and machinery. Etc. Page 5 Introduction to Microeconomics Synopsis • Meaning of Goods, Services, Individual, Resource. • Meaning of Economics • Economy • Types of Economy/ Organisation of Economic Activities • Economic problem • Why an economic problem arise • Central problem of economy • Production Possibility Frontier • Positive and Normative Economics • Microeconomics and Macroeconomcs Key Terms • Goods: It means physical, tangible objects used to satisfy people’s wants and needs. • Services: It means the intangible satisfaction of wants and needs. Key Terms • Individual: It means an individual decision making unit, it can be a person or a group like a household, a firm etc. • Resource: It means those goods and services which are used to produce other goods and services. For instance, land, labour, tools and machinery. Etc. Meaning of Economics • Economics is concerned with the study of economic problems that arise because human wants are unlimited and resources to satisfy those wants and limited or scarce and these scarce resources have alternative uses. • Economics focuses on the rational management of scarce resources in order to maximize economic welfare. Hence, economics is about making choices in the backdrop of scarcity.Read More
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