Topic- Concept of Economy, Economics Micro &

Macroeconomics.

by-

Prof. Vijay. S. Kurkure

Assistant Professor.

Matoshri College of Management And Research Center Eklahare

Nashik.
ECONOMY AND ECONOMICS

 Economy is system composed of people firms organization and

government.

 It concern with people, state, or nation and Allocate resources available in

the market.

 It is the study of human behavior and how he use the scare resources and

make choice for his use.

TYPE OF ECONOMY

 Economy has classified into three type of Economy

a) Capitalist Economy

b) Socialist Economy

c) Mixed Economy
 Capitalist Economy-

It is an Economics system where the Means of production are

owned privately and operate for profit.

e.g.- Land , Capital, Machinery.

Socialist Economy-

It is Economics system where the means of production like land, capital,

technology etc are owned by state and operate for the welfare of society.
Mixed Economy-
It is Economics system where the public sector Enterprises as well as
private sector Enterprises both exist.
Mixed Economy in which Decision related to the production distribution of
goods and price for product are determine on the basis of Market structure .
CONCEPT OF ECONOMICS
Define Economics-
Economics is social science that deal with
production, distribution and consumption of goods and
Services.
MICROECONOMICS AND
MACROECONOMICS

 Microeconomics-

Microeconomics is the branch of economics that deals with the individual units,

company or consumer.

Microeconomics consist of –

a) Supply and demand

b) Pricing output

c) production process

d) cost structure

e) Distribution of income output.

SCOPE OF MICROECONOMICS

MICROECONOMICS

Theory of
product
pricing Economic
Factor pricing welfare
MACROECONOMICS

 Macroeconomics is the study of economics as whole that is not single unit

but the combination of all firms, household nation etc.

 The macroeconomics in which study of

a) National income

b) unemployment

c) Inflation

d) Economic growth