Lecture notes
Basic concepts of economics (2)
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In this pdf you will see the concept of micro and macro economics in easy words and in detail
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Ans: ln 1933, Sir Ragnar Frisch coined the terms 'Micro Economics' and 'Macro EcononmicsThese 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.
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