Basic Concepts of Economy
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Concepts |
Explanations |
Issues Related to It |
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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. |
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Division in Economics |
The study of economics is divided into: i) Microeconomics and ii) Macroeconomics. |
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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
- 1 Viksit Bharat@2047 & $5 Trillion Economy Roadmap
- 2 GST: Current Scenario, Impacts & Concerns of States
- 3 Debt Management
- 4 Informal Sector Inclusion in GDP
- 5 Rising Income Inequality
- 6 Inclusive Growth in India
- 7 Potential GDP: Determinants and Hindrances
- 8 Rising Employment Gap despite Strong GDP Growth
- 9 India’s Economic Growth: Key Statistics & Trends
- 10 India’s Export Competitiveness
