This document provides an introduction to economics. It defines economics as the social science studying production, distribution, and consumption of goods and services. Economics is divided into dimensions including microeconomics, macroeconomics, positive economics, and normative economics. Microeconomics examines how individuals and firms make decisions to allocate limited resources in markets. Macroeconomics analyzes the performance, structure, and behavior of the overall economy. Positive economics describes and explains economic phenomena through facts and cause-and-effect relationships. Normative economics incorporates value judgments about what the economy should be and what policies should be recommended.

1. INTRODUCTION TO ECONOMICS MRS.PIYALEE RAKESH NURSING TUTOR

2. INTRODUCTION TO ECONOMICS It includes : Definition and Meaning of Economics Dimensions of Economics Positive and Normative economics

3. 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.

4. 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.

5. DIMENSIONS OF ECONOMICS Dimensions of economics is divided into various ways : Microeconomics & Macroeconomics Positive & Normative economics

6. 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.

7. MACROECONOMICS It is a branch of economics that deals with the performance, structure and behavior of the economy as a whole.

8. 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.

9. 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.