The document provides an introduction to the field of economics. It defines economics as the study of how societies allocate scarce resources to produce goods and services. It also distinguishes between microeconomics, which examines individual components like industries and households, and macroeconomics, which examines the overall economy. The scientific approach in economics uses techniques like observation, analysis, and statistical analysis to understand economic phenomena. Some pitfalls to avoid in economic reasoning are failing to isolate variables, making post hoc fallacies, and committing the fallacy of composition. Economics studies scarcity and how it affects production and consumption. Economic knowledge can help individuals, societies, and policymakers.
Industrial Training Report- AKTU Industrial Training Report
Introduction To Economics
1. Introduction to Economics The Science of Economics is made for the benefit and development of the world. - Kautilya Chanakya
2. P.Naresh Kumar MSc(Quan.Econ);MSc(Stat); Faculty In Economics, SIBER, Kolhapur
3.
4.
5. Once such trends are understood, economics helps to develop the policies by which Governments can improve the performance of the economy 3) Economics is the study of commerce among nations. It helps explain why nations export some goods and import others, and analyses the effects of putting economic barriers at national frontiers.
6. 4) Economics is the science of choice. It studies how people choose to use scarce or limited productive resources ( labour, equipment, technical knowledge) to produce various commodities and to distribute these goods for consumption 5) Economics is the study of money, banking, capital and wealth.
7. In a common theme Economics is the study of how societies use scarce resource to produce valuable commodities and distribute them among different people.
21. Dr.Optimist fallacy was to assume that the tax cut was responsible for the increase in Govt.s revenues; overlooked was the fact that the growing economy was raising people’s income and might have increased tax revenues even more had taxes not been cut.
