FAQs on Definition of Economics - Introduction to Microeconomics Video Lecture - CA Foundation
1. What is Economics? |
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Ans. Economics is a social science that analyzes how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. It studies how people make choices in the face of scarcity, how markets work, and how society can allocate resources efficiently.
2. What are the two main branches of Economics? |
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Ans. The two main branches of economics are microeconomics and macroeconomics. Microeconomics studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources while macroeconomics studies the behavior of the economy as a whole.
3. What are the key concepts of Microeconomics? |
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Ans. The key concepts of microeconomics are demand, supply, price, market equilibrium, elasticity, production, costs, revenue, profits, and market structures such as perfect competition, monopolistic competition, oligopoly, and monopoly.
4. What is the importance of studying Economics? |
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Ans. Economics is important as it helps to understand and solve various economic problems faced by individuals, businesses, and governments. It provides a framework to analyze and make informed decisions on issues such as inflation, unemployment, poverty, taxes, international trade, and environmental policy. It also helps in understanding the behavior of consumers and producers and provides insights into market efficiency.
5. What are the career opportunities in Economics? |
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Ans. The career opportunities in economics are vast and diverse. One can work as an economist, financial analyst, data analyst, market research analyst, risk management analyst, policy analyst, consultant, academician, or in the government sector. Economists are in high demand in various sectors such as finance, banking, insurance, research institutions, consulting firms, and government agencies.