The presentation introduces the basic concepts of economics. For further explanation, check this youtube link: https://youtu.be/3owTDakmOWQ

1. Introduction
to

2.  The word ‘economy’ comes from Greek word
‘oikonomos’, which means “one who manages
a household.”
 Like a household, a society also faces many
decisions.

4.  Scarcity means that society has limited
resources and therefore cannot produce all
the goods and services people wish to have.
 Economics is the study of how society
manages it’s scarce resources.
Economics is the science which studies
human behaviour as a relationship between
unlimited ends and scarce means which have
alternative uses.
-LIONEL ROBBINS

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6. Economics
Microeconomics Macroeconomics
Ragnar Frisch was the first to use the terms “micro”
and “macro” in 1933.
The term microeconomics is derived from the Greek word ‘mikros’,
meaning “small’ and the term macroeconomics is derived from the Greek
word ‘makros’, meaning “large”.

7.  Microeconomics is the study of how households
and firms make decisions and how they interact
in specific markets.

8.  Macroeconomics is the study of aggregates or
averages covering the entire economy, such
as total employment, the national product or
income, the general price level of the
economy.

9. “Macroeconomics deals not with
individual quantities as such but with
the aggregates of these quantities,
not with individual incomes but with
the national income, not with
individual prices but with the price
level, not with individual outputs but
with the national output.”