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Micro economics introduction
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Micro economics introduction

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  • 1. BB 32 INTRODUCTION TO MICRO- ECONOMICS BB 32 MICRO ECONOMICS
  • 2. Introduction Micro Economics Smaller picture- basic theories PROF. NAMRATA MEHTA - LNCMT, SURAT. 2 ECONOMICS Micro Economics basic theories Macro Economics Big picture- national economy
  • 3. What is Micro Economics? The analysis of the decisions made by individuals and groups, the factors that affect those decisions, and how those decisions effect others It considers decisions by both firms and individuals PROF. NAMRATA MEHTA - LNCMT, SURAT. 3 It considers decisions by both firms and individuals are motivated by cost and benefit considerations. Costs can be either in terms of financial costs such as average fixed costs and total variable costs or they can be in terms of opportunity costs, which consider alternatives foregone.
  • 4. Conti.. The general concern of microeconomics is the efficient allocation of scarce resources between alternative uses But more specifically it involves the determination PROF. NAMRATA MEHTA - LNCMT, SURAT. 4 But more specifically it involves the determination of price through the optimizing behavior of economic agents, with consumers maximizing utility and firms maximizing profit."
  • 5. Need and Significance Essential for understanding total economic system Helpful in- solving of economic problems Deciding economic policyDeciding economic policy Economic decision of individual unit Enquiring about economic welfare PROF. NAMRATA MEHTA - LNCMT, SURAT. 5
  • 6. Limitation Study of industrial units only Unrealistic assumption Study of a part of economy only Few specific problems onlyFew specific problems only Limited study of economic problems PROF. NAMRATA MEHTA - LNCMT, SURAT. 6
  • 7. What we will learn in this subject? Basic concepts, types of specialization, globalization , money and exchanges Governments role in economy and business regulations Types of markets, wages and incomes, International trades Concepts of demand, utility and elasticity, monopoly, costs of production and product markets Natural resources, economic inequality and public – goods and choices PROF. NAMRATA MEHTA - LNCMT, SURAT. 7
  • 8. PROF. NAMRATA MEHTA - LNCMT, SURAT. 8

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