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What is Economics? Video Lecture | Famous Books for UPSC Exam (Summary & Tests)

FAQs on What is Economics? Video Lecture - Famous Books for UPSC Exam (Summary & Tests)

1. What is economics?

Ans. Economics is a social science that studies how individuals, businesses, and governments make choices about the allocation of scarce resources to satisfy unlimited wants and needs. It analyzes the production, distribution, and consumption of goods and services in an economy.

2. What are the main branches of economics?

Ans. The main branches of economics are microeconomics and macroeconomics. Microeconomics focuses on individual economic agents such as consumers, firms, and markets, while macroeconomics examines the overall behavior of the economy, including factors like inflation, unemployment, and economic growth.

3. How does supply and demand affect the economy?

Ans. Supply and demand are fundamental concepts in economics. Demand refers to the quantity of a good or service that consumers are willing and able to buy at a given price, while supply represents the quantity that producers are willing and able to sell at a given price. The interaction of supply and demand determines the equilibrium price and quantity in a market, which in turn affects the overall economy.

4. What is the role of government in economics?

Ans. The role of government in economics can vary depending on the economic system of a country. In general, governments play a crucial role in providing public goods, regulating markets, managing externalities, and stabilizing the economy. They may also intervene to address issues such as income inequality, unemployment, and market failures.

5. How does international trade impact the economy?

Ans. International trade refers to the exchange of goods and services between countries. It can have significant effects on the economy by promoting specialization, increasing productivity, and expanding markets. International trade can lead to job creation, economic growth, and access to a wider variety of goods for consumers. However, it can also create winners and losers within an economy and may require policies to mitigate potential negative impacts.

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