3. Definition
Economics is a social science concerned with
the production, distribution and consumption of goods
and services.
The term economics comes from the Greek term
Oikonomia, which is composed of Oikos (house) and
nomos (custom or law) meaning rules of the household.
In simple terms economics is the study of how society
uses its limited resources
4. Economics is study of how individuals and
societies choose to employ their resources,
what goods and services will be produced, how
they will be produced and how they will be
distributed among the members of society.
5. Basic Economic Activities in an Economy
Production
Consumption
Capital Formation ( Saving and Investment)
8. Economic Growth And Development
ECONOMIC GROWTH ECONOMIC DEVELOPMENT
The increase in the production of goods
and services is called Economic Growth
The process of Economic Growth which
leads to improvement in the general welfare
of people is called Economic Development.
Quantitative in nature Qualitative in nature.
Uni-dimensional Multi-dimensional
Can happen without development Cannot happen without Growth.
Indicators – Real GDP, Real Per Capita
Income etc.
Indicators- Human Development Index,
Physical quality of life index etc.
