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 intervention, and individual liberty.
• Keynesian Economics: An economic system that emphasizes government intervention in the economy to promote economic growth and stability.
• Socialist and Communist Economics: An economic system in which the means of production are owned and controlled by the state.

Developed and developing economy

• Developed economy: An economy with a high standard of living and a diversified economy.
• Developing economy: An economy with a low standard of living and a less diversified economy.

Sectors of economy

• Public sector: The sector of the economy that is owned and operated by the government.
• Private sector: The sector of the economy that is owned and operated by private individuals and businesses.
• Cooperative sector: The sector of the economy that is owned and operated by its members.
• Joint sector: The sector of the economy that is owned and operated by both the government and private individuals or businesses.

Nehruvian economics of Jawaharlal Nehru (1889-1964)

The economic philosophy of Jawaharlal Nehru, the first prime minister of India, emphasized the role of the government in promoting economic growth and social development. Nehru's economic policies were based on the principles of socialism, planning, and self-reliance.

Gandhian economics of Mahatma Gandhi (1869-48)

The economic philosophy of Mahatma Gandhi, the father of the Indian nation, emphasized the importance of village-based industries, self-sufficiency, and sustainable development. Gandhi's economic policies were based on the principles of truth, non-violence, and equality.

Behavioral Economics

Behavioral economics is a field of economics that studies the impact of psychological factors on economic decision-making. Behavioral economists have shown that people are often not rational decision-makers, and that they are influenced by a variety of factors, such as cognitive biases, emotions, and social norms.

Washington Consensus

The Washington Consensus is a set of economic policies that were promoted by the International Monetary Fund (IMF) and the World Bank in the 1980s and 1990s. The Washington Consensus policies included trade liberalization, privatization, deregulation, and fiscal discipline.

Beijing Consensus

The Beijing Consensus is a set of economic policies that have been promoted by the Chinese government since the late 1970s. The Beijing Consensus policies emphasize the importance of state-led development, export-oriented growth, and high investment rates.

Santiago Consensus

The Santiago Consensus is a set of economic policies that were adopted by the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) in 2010. The Santiago Consensus policies emphasize the importance of equality, social inclusion, and environmental sustainability.

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