Basic Concepts of Economy

Concepts

Explanations

Issues Related to It

Economics

It is the science that deals with production, exchange and consumption of various commodities in the economic systems.

Central Focus: The central focus of economics is on scarcity of resources and choices among their alternative uses.

Division in Economics

The study of economics is divided into: i) Microeconomics and ii) Macroeconomics.

Microeconomics

It analyses the economic behaviour of any particular decision-making unit such as a household or a firm.

Microeconomics studies the flow of economic resources or factors of production from the households or resource owners to business firms and flow of goods and services from business firms to households.

Behaviour of ....

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Indian Economy & Socio-economic Development