Economics
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Economics

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Economics Economics Presentation Transcript

  • 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
  • MICROECONOMICS
    • 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.
  • MACROECONOMICS
    • It is a branch of economics that deals with the performance, structure and behavior of the economy as a whole.
  • POSITIVE ECONOMICS
    • 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.
  • NORMATIVE ECONOMICS
    • 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.