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EconomicsNotes
Ourdeiresareunlimited,butresourcesarescarce
Our desires are unlimited but our pocket money is scarce (limited). Similarly, Goods are scarce, because economy of a country can produce a limited
amountofgoods,butpeopledesiremuchmorethantheeconomycanproduce.Thisisthebasisofeconomics.
DefinitionofEconomics
Economicsisthestudyofhowsocietiesusescarceresourcestoproducevaluablecommoditiesanddistributethemamongdifferentpeople.
Since,resourcesarelimited,andourwantsareunlimited,itisimportantthataneconomymakethebestuseoflimitedresources.Itbringstheimportant
termof"Efficiency".
Efficiency
Efficiencydenotesthemosteffectiveuseofasociety'sresourcesinsatisfyingpeople'swantsandneeds.
Needs
Needsarethosecommodities,whichareessentialforoursustenance,like,peace,food,clothes,home,transportetc.
Wants
WantsarethosecommoditieswhichareNOTessential,butweliketohavewithus,like,foodatrestaurant,newcar,entertainmentetc.
DivisionofEconomicsSubject
ThesubjectofEconomicscanbedividedin:
Microeconomics
Macroeconomics
Microeconomics:
ThebranchofEconomics,whichdealswiththebehaviourofindividualentitiessuchasmarkets,firms,andhouseholds.
Macroeconomics
ThebranchofEconomics,whichdealswiththeoverallperformanceoftheeconomy.
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