Page 1 CPT Section C General Economics Chapter 1 CA Janardhan Rao M.N.S Page 2 CPT Section C General Economics Chapter 1 CA Janardhan Rao M.N.S Understanding nature of economics and various methods of studying economics. Various problem of economics and how different economies solve their basic problems. Insight of Production Possibility Curve (PPC). Page 3 CPT Section C General Economics Chapter 1 CA Janardhan Rao M.N.S Understanding nature of economics and various methods of studying economics. Various problem of economics and how different economies solve their basic problems. Insight of Production Possibility Curve (PPC). Study of Resource utilization which are Limited, to satisfy Wants which are Unlimited….. Fundamental Facts :- Unlimited Wants Means to satisfy wants are Limited. Economics , Thus Study of utilization of Scarce Resources towards Unlimited wants where ALL WANTS ARE SATISFIABLE Eco.. Studies this equation of Limited resources and Infinite wants in larger arena i.e., Nation as a whole It deals with above situation and also deals with means to increase productivity of the resources. Page 4 CPT Section C General Economics Chapter 1 CA Janardhan Rao M.N.S Understanding nature of economics and various methods of studying economics. Various problem of economics and how different economies solve their basic problems. Insight of Production Possibility Curve (PPC). Study of Resource utilization which are Limited, to satisfy Wants which are Unlimited….. Fundamental Facts :- Unlimited Wants Means to satisfy wants are Limited. Economics , Thus Study of utilization of Scarce Resources towards Unlimited wants where ALL WANTS ARE SATISFIABLE Eco.. Studies this equation of Limited resources and Infinite wants in larger arena i.e., Nation as a whole It deals with above situation and also deals with means to increase productivity of the resources. “Science of Wealth” by Adam Smith • - Father of Economics • - Nature and Causes of Wealth of Nations • - Merits • - Criticism “Science of Material Well-Being” by Alfred Marshall • - Emphasis on Welfare • - Merits • - Criticism Page 5 CPT Section C General Economics Chapter 1 CA Janardhan Rao M.N.S Understanding nature of economics and various methods of studying economics. Various problem of economics and how different economies solve their basic problems. Insight of Production Possibility Curve (PPC). Study of Resource utilization which are Limited, to satisfy Wants which are Unlimited….. Fundamental Facts :- Unlimited Wants Means to satisfy wants are Limited. Economics , Thus Study of utilization of Scarce Resources towards Unlimited wants where ALL WANTS ARE SATISFIABLE Eco.. Studies this equation of Limited resources and Infinite wants in larger arena i.e., Nation as a whole It deals with above situation and also deals with means to increase productivity of the resources. “Science of Wealth” by Adam Smith • - Father of Economics • - Nature and Causes of Wealth of Nations • - Merits • - Criticism “Science of Material Well-Being” by Alfred Marshall • - Emphasis on Welfare • - Merits • - Criticism “Science of Choice Making” by Lionel Robbins • - Relationship between Ends and Scarce means having alternative uses • - Merits • - CriticismRead More
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