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1. Concept of Economy, Economics,
Microeconomics, Macroeconomics
ADITYA SHANKAR NIWALKAR AVHAD JAGRUTI GANPAT
ADITYA SUDHIR PATIL BAGADI SHREYA SANJAY
AKASH RAMBHAU YELURE BAWANE ASHWIN ABHAY
AKSHADA GABAJI SADAKAL BHANDARI FAKIR ATIK
ANSARI FARHATUKHUSHI AHAMD BHOJE SHIVAM SANDIP
ANUSHKA NITEEN PATANKAR BHOR AKSHAY KAILAS
ATAR FARUK YUSUF
BHUSHAN RAJESH GHOGALE
AVANEESH TIWARI CHANCHAL PRAMOD MUNDADA

2. Economy
The large set of inter-related production,
consumption, and exchange activities that aid in
determining how scarce resources are allocated in a
country or for a period of time.

3. Economics
Economics is the study of scarcity and its
implications for the use of resources, production of goods
and services, growth of production and welfare over time,
and a great variety of complex issues of vital concern to
society.

4. Micro Economics
Micro economics refers to that branch of economics which studies
individual units.

5. Importance of Micro-economics
 Functioning of free enterprise economy
 Distribution of goods and services
 Determination of prices
 Efficiency in consumption and production
 Formulation of economic policies

6. Theories in Microeconomics
1. Theory of Consumer Demand
2. Theory of Production Input Value
3. Production Theory
4. Theory of Opportunity Cost

7. Macro Economics
Macro economics is that branch of economics which deals with the
economy as a whole, instead of individual aspects.

8. Macroeconomics Theories
 Theory of General Price Level
 Theory of National Income
 Economic Growth and Development
 Theory of Employment
 Theory of International Trade

9. Limitations of Macroeconomics
 Individuals is ignored together
 Overlooks individual differences

10. Differences between Microeconomics and Macroeconomics
Microeconomics Macroeconomics
Microeconomics studies individuals and
business decisions
Macroeconomics studies the impact of
business decisions made by countries and
governments
Microeconomics focuses on supply and
demand and other forces that determine price
levels
Macroeconomics focuses on the entire
economy while taking a top-down approach
to determine its course and nature
Potential investors can use microeconomics
to make their decisions
Macroeconomics is an analytical tool used to
craft economic and fiscal policy
Microeconomics offers a picture of the goods
and services needed for a robust economy. It
also will project which goods and services
will have demand in future
Macroeconomics ensure that the economic
resources available in the country are
optimally utilized
The term microeconomics was coined by
Professor Ragnar Frisch
John Maynard Keynes is largely credited with
as the inventor of modern macroeconomics

11. Thank
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