microeconomics
DESCRIPTION
TRANSCRIPT
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MICROECONOMICS
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ECONOMICS DEFINITION
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WEALTH DEFINITION
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WELFARE DEFINITION:ALFRED
MARSHALL
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SCARCITY DEFINITION:
LIONEL ROBBINS
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GROWTH DEFINITION:
P.SAMUELSON
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Central Problems Of An Economy.
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FOR WHOM TO PRODUCE?
MAINLY THE THINGS ARE PRODUCED FOR THE
PERSONS HAVING THE PURCHASING POWER..
IN SOCIALIST ECONOMY IT’S EQUAL
FOR EVERY CITIZENS…
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WHAT TO PRODUCE?
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HOW TO PRODUCE?In two ways:-
1.Labour intensive technique
2.Capital intensive technique
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Capital Intensive Technique:-
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Labour Intensive Technique:-
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FOUR FACTORS OF PRODUCTION:-
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WHAT WAS THE EARLY NAME OF
ECONOMICS?
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WONDERED ? IT’S….
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PRODUCTION POSSIBILITY FRONTIER(PRODUCTION
POSSIBILITY CURVE)
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WHAT IS PRODUCTION POSSIBILITY CURVE?
A PRODUCTION POSSIBILITY CURVE IS DEFINED AS THE
LOCUS OF ALL COMBINATIONS OF TWO GOODS THAT CAN BE PRODUCED WITH GIVEN
AMOUNT OF RESOURCES THAT ARE FULLY & EFFICIENTLY
UTILISED.
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POSSIBILITIESBUTTER(IN
MILLLIONS OF QUINTALS)
UNITS OF GUNS(IN THOUSANDS)
A
B
C
D
E
F
0
1
2
3
4
5
15
14
12
9
5
0
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0 1 2 3 4 5 60
2
4
6
8
10
12
14
16
Guns in thousands
butter in millions of quintals
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SHIFT IN POSSIBILITY CURVE:-
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‘GREAT DEPRESSION’
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NORMATIVE ECONOMICS
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POSITIVE ECONOMICS
IN POSITIVE ANALYSIS THE CONSEQUENCES
OF AN ECONOMIC POLICY OR DECISION
ARE STUDIED.
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POSITIVE ECONOMICS
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IT’S A STUDY OF ECONOMICS AS A
WHOLE.IT STUDIES THE ENTIRE
ECONOMY AND IT’S AGGREGATES….’
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J.M KEYNES
‘FATHER OF MACROECONOMICS’
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ECONOMIC CYCLE
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TYPES OF BANKS….
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INFLATION:-
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DEFLATION:-
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OPPORTUNITY COST
Opportunity that is a left once is called
opportunity cost….
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Marginal Opportunity Cost:
The Rate at which one commodity is sacrificed for production of
additional unit of the other…..
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1 UNIT GOOD Y = GOOD X QUATITY.
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CONCLUSION
BOTH MICRO & MACRO ECONOMICS
ARE DIFFERENT THEORY
APPROACHED DIFFERENTLY…….
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