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1 SEMESTER ECONOICS

  These concepts form the basis of understanding how societies allocate their limited resources to meet their unlimited wants and needs. Let's briefly explore each of these topics: Problem of Scarcity and Choice Scarcity : This concept refers to the limited nature of resources in comparison to the unlimited wants and needs of individuals and society as a whole. Scarcity necessitates the need to make choices about how to allocate resources efficiently. Choice and Opportunity Cost : When resources are scarce, individuals, businesses, and governments must make choices about how to allocate these resources. Every choice involves an opportunity cost, which is the value of the next best alternative that is forgone. Production Possibility Frontier (PPF) The PPF illustrates the maximum output combinations of two goods or services that an economy can produce given its available resources and technology. It demonstrates the trade-offs that arise from allocating resources between different go
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Basics Of Micro Economics

 Microeconomics Basics of Economics Meaning of economy and economics Economy:  A system of production and consumption activities that determines how resources are allocated among all of its participants. Economics: The study of how people make decisions under scarcity and how those decisions affect the allocation of resources and the production, distribution, and consumption of goods and services. Micro, Meso and Macro economics Microeconomics: The study of how individuals and firms make decisions under scarcity and how those decisions affect the allocation of resources and the production, distribution, and consumption of goods and services. Mesoeconomics: The study of the behavior of industries and sectors of the economy. Macroeconomics: The study of the economy as a whole, including topics such as economic growth, inflation, unemployment, and international trade. Types of economies Liberal and Neo-Liberal Economics: An economic system that emphasizes free markets, limited government
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all about meaning and example Advance Micro Economics

  all about meaning and examples Advance Micro Economics : (a) Marshallian and Walrasian Approaches to Price determination. (b) Alternative Distribution Theories : Ricardo, Kaldor, Kalecki. (c) Markets Structure : Monopolistic Competition, Duopoly, Oligopoly. (d) Modern Welfare Criteria : Pareto Hicks and Scitovsky, Arrow’s Impossibility Theorem, A. K. Sen’s Social Welfare Function.
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