INTRODUCTION TO ECONOMICS MRS.PIYALEE RAKESH NURSING TUTOR
INTRODUCTION TO ECONOMICS
It includes :
Definition and Meaning of Economics
Dimensions of Economics
Positive and Normative economics
DEFINITION OF ECONOMICS
According to Spencer and Siegelman, “Economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.
MEANING OF ECONOMICS
Economics is the social science that studies the production, distribution and consumption of goods and services.
The term “economics” comes from the Greek word “oikos”(house) and “nomos”(rules), rules of the house.
DIMENSIONS OF ECONOMICS
Dimensions of economics is divided into various ways :
Microeconomics & Macroeconomics
Positive & Normative economics
It is a branch of economics that studies how individuals, households and firms make decisions to allocate limited resources typically in market where goods or services are being bought and sold.
It is a branch of economics that deals with the performance, structure and behavior of the economy as a whole.
It is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause-and-effect relationships. It includes the development and testing of economic theories.
It is the branch of economics that incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal.