100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Basic concepts of economics (2) CA$13.62   Add to cart

Class notes

Basic concepts of economics (2)

 6 views  0 purchase
  • Course
  • Institution

In this pdf you will see the concept of micro and macro economics in easy words and in detail

Preview 1 out of 4  pages

  • March 27, 2024
  • 4
  • 2023/2024
  • Class notes
  • Juveriya
  • All classes
  • Secondary school
  • 5
avatar-seller
Ans: ln 1933, Sir Ragnar Frisch coined the terms 'Micro Economics' and 'Macro Econonmics
These terms are derived from the Greek words 'Mikros' and Makros, respectively. Micro
meanssmal Micro Economics deals with the behaviour of the individual variables such
as a household, worker, firm, industry etc.
According to Kenneth E. Boulding, "Micro Economics is the study of particular firms,
particular households, individual prices, wages, incomes, individualindustries, particular
cOmmodities"
The basic cOncept of Micro Economics can be explained as follows:
Basic Concepts of Micro Economics

Economic Personal Personal Goods &
Want Wealth
Activity lncome Disposable Services Utility Value
Income



SMART CODE
DANT to perform ECONOMIC ACTIVITY to earn PERSONAL
INCOME and
PERSONAL DISPOSABLE INCOME to accumulateWEALTH so that | can
buy
GOODS & SERVICES of high UTILITY and VALUEL

) WANT
In simple words, want can be referred to as a
need. In Economics, want denotes a
feelino of 'lack of sotisfaction', This feeling enables the
individual to satisfu his want.
2) ECONOMIC ACTIVITY
Economic activities can be classified into four tupes:
namely, production,
distribution, exchange and consumption.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller juveriyashivkar. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$13.62. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

85443 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$13.62
  • (0)
  Add to cart