Commerce Exam  >  Commerce Videos  >  Statistics for Economics - Class XI  >  Nature of Economics

Nature of Economics Video Lecture | Statistics for Economics - Class XI - Commerce

51 videos|41 docs|12 tests

Top Courses for Commerce

Video Timeline
Video Timeline
arrow
00:05 Nature of Economics ​
01:35 Economics as a science
04:25 Positive Science
09:33 Economics as an art
13:35 Conclusion
More

FAQs on Nature of Economics Video Lecture - Statistics for Economics - Class XI - Commerce

1. What is the nature of economics?
Ans. Economics is the social science that studies how individuals, businesses, governments, and societies make choices about the allocation of limited resources to satisfy their unlimited wants and needs. It analyzes how individuals and organizations interact in markets to produce, distribute, and consume goods and services.
2. How does economics impact our daily lives?
Ans. Economics affects our daily lives in various ways. It influences the prices we pay for goods and services, determines our income and employment opportunities, and shapes government policies that impact our lives. Understanding economics can help us make informed decisions about saving, investing, and spending our money.
3. What are the main branches of economics?
Ans. The main branches of economics are microeconomics and macroeconomics. Microeconomics focuses on individual economic units such as households, firms, and markets, while macroeconomics examines the aggregate behavior of the economy as a whole, including factors like inflation, unemployment, and economic growth.
4. How does economics relate to other social sciences?
Ans. Economics intersects with other social sciences such as sociology, political science, and psychology. It incorporates sociological factors like income inequality and social mobility, political science concepts such as policy-making and government intervention, and psychological factors that influence consumer behavior and decision-making.
5. What are some key economic indicators?
Ans. Key economic indicators are statistics used to measure the overall health and performance of an economy. Examples include GDP (Gross Domestic Product) which measures the value of all goods and services produced in a country, unemployment rate, inflation rate, consumer price index, and interest rates. These indicators provide insights into the economic conditions and trends.
51 videos|41 docs|12 tests
Video Timeline
Video Timeline
arrow
00:05 Nature of Economics ​
01:35 Economics as a science
04:25 Positive Science
09:33 Economics as an art
13:35 Conclusion
More
Explore Courses for Commerce exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Related Searches

Nature of Economics Video Lecture | Statistics for Economics - Class XI - Commerce

,

mock tests for examination

,

Semester Notes

,

Nature of Economics Video Lecture | Statistics for Economics - Class XI - Commerce

,

Nature of Economics Video Lecture | Statistics for Economics - Class XI - Commerce

,

Important questions

,

pdf

,

video lectures

,

Sample Paper

,

Objective type Questions

,

shortcuts and tricks

,

Extra Questions

,

study material

,

Exam

,

Viva Questions

,

ppt

,

past year papers

,

Free

,

Previous Year Questions with Solutions

,

MCQs

,

Summary

,

practice quizzes

;