Introduction to Economics

Explain the two Broad Branches of Economics

Explain the Meaning of Micro Economics

Explain the Meaning of Macro Economics

Distinguish Between Micro and Macro Economics

• Demand and supply are the major tools of micro economics

• Price determination and Allocation of resources are the central problem of micro economics

• It studies economy as a whole

• Determination of income and Employment are the central problem of macro economics

• It studies the individual Economic unit

What do you mean by scarcity of resources?

What do you mean by problem of choice?

What is meant by economic problem?

Why does economic problem or problem of choice arise?

Explain Production possibility frontier/ curve with the help of schedule and Diagramm.

Explain the concept of Total utility and marginal utility with the help of schedule and diagram