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About Me, Experience, Teaching Experience, more than 19 years., , Subject, ECONOMICS, , Mentored More Than, 12L learners, , Strategic Way, of Teaching, , PUNEET BHATIA ACADEMY CONTACT-9910587098/9354075759
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अवलोकन / Overview Meaning of Economics, Branches of Economics, Some other Important Branches of Economics, , PUNEET BHATIA ACADEMY CONTACT-9910587098/9354075759
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1., I. Adam Smith was an 18th-century British economist., II. He laid foundation of free market., III.THE THEORY OF MORAL SENTIMENTS WAS GIVEN BY, HIM., Correct :, a).1 b). I II c). I II III d) II III., , PUNEET BHATIA ACADEMY CONTACT-9910587098/9354075759
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2., i) Economics is a social science that studies human activity aimed, at satisfying only needs, ii. Economic process refers to production distribution and used., Correct ;, , a) i, , b). ii, , c) both true d) both false
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3., i).The General Theory of Employment, Interest and, Money - karl marx, , ii).This book fundamentally changed the theory and practice, of macroeconomics and the economic policies of governments., Correct, a).i b). ii c) both true d) both false
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4., i) Micro Economics It is concerned with how supply and, demand interact in individual markets for goods and services., ii) It examines the economic behaviour of country as a whole, True a-1. b -2 c - both d – both false
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5., i.Macro Economics It is concerned with how the overall economy, works., ii.It studies such things as employment, gross domestic product, and inflation;, , False a-1 b -2 c- both false d- both true.
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6., i.Open Economy An economy is said to be open if it has trade with, others economies., ii.In this economy, market is mostly free from trade barriers, True a- 1 b- 2 c – both true. d – both false
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7., i. Closed Economy An economy is said to be closed if it, has no trade or trade area with other economies., ii. In this economy, the consumer get everything within, the economic borders, False a-1 b- 2 c- both d – both true.
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8., i.Mixed Economy This type of economy consists of a combination of, public sector and private sector units., ii.Here, the government is the decision maker for the public sector, and individuals and businesses make decisions for the private, sector., True a-1 b-2 c-both true. d- both false
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9., i.Socialist Economy Socialism is an economy theory or idea that, states the government or the state should be in charge of, economic planning, production and distribution of goods., ii.Limited private ownership, True a-1 b-2 c- both true. d- both false
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10., a). Effect on price on goods - 1.Macro economics, , b).Inflation -, , 2.Micro Economics, , Choose correct one, A- a B –b C- a & b D – both incorrect
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Adam Smith, Adam Smith was an 18th-century Scottish economist, philosopher,, and author, and is considered the father of modern, economics. Smith is most famous for his 1776 book, "The Wealth of, Nations."
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Meaning of Economics : Economics is a social science that studies, human activity aimed at satisfying needs and wants., The basic units of an economy are households and production units., The term economic process refers to those activities through which, goods and services aimed at satisfying human needs, are produced, distributed and used.
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Meaning of Economics :, For better understanding of economics, firstly need to understand ‘the, concept of scarcity’ and two branches of study within economics Micro, economics and Macro economics., John Maynard Keynes published book –, John Maynard Keynes, 5 June 1883 – 21 April 1946), was a, British economist, whose ideas fundamentally changed the theory, and practice of macroeconomics and the economic policies of, governments., The General Theory of Employment, Interest and Money-1936
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Branches of Economics, Micro Economics It is concerned with how supply and demand interact, in individual markets for goods and services. It examines the economic, behaviour of individual actors such as consumers businessman,, households in the face of scarcity and what effects they have.
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Branches of Economics, Macro Economics It is concerned with how the overall economy works., It studies such things as employment, gross domestic product and, inflation; the stuff of new stories and government policy debates., It studies the economy as a whole and its features like national, income, employment, poverty, balance of payments and inflation.
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Some other Important Branches of Economics, Open Economy An economy is said to be open if it has trade with, others economies. In this economy, market is mostly free from trade, barriers and where exports and imports form of a large percentage of, the GDP., , Closed Economy An economy is said to be closed if it has no trade or, trade area with other economies. In this economy, the consumer get, everything within the economic borders and government act as the, facilitator.
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Some other Important Branches of Economics, Mixed Economy This type of economy consists of a combination of, public sector and private sector units. Here, the government is the, decision maker for the public sector and individuals and businesses, make decisions for the private sector. It basically incorporates, governmental involvement in a market based economy. Examples of, this type are India & Russia
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Socialist Economy Socialiam is an economy theory or idea that states, the government or the state should be in charge of economic, planning, production and distribution of goods.
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Sectors of an Economy A nation’s economy can be broadly divided, into various sectors to define the proportion of people engaged in a, particular sector., Primary Sector This sector is involved in the extraction or harvesting, or products from the Earth. It includes the production of raw materials, and basic foods. Some of the activities included in this sector are, agriculture, mining, forestry, fishing, etc.,
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Secondary Sector The secondary sector of the economy is involved in, the production of finished goods., All manufacturing, processing and construction activities lie in this, sector (in India construction sometimes it considered as part of the, services or tertiary sector).
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Tertiary Sector The tertiary sector of the economy is also called as the, services sector. This sector provides services to the general population, and to business., , Some of the activities, which are part of this sector are retail,, transportation, entertainment, tourism and banking etc., In the, advanced developed economies,, the tertiary sector is the largest in terms of production and, employment.
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Other Sectors of Economy, Quaternary Sector 4TH Sector- This sector consists of the intellectual, and knowledge based activities. Examples of activities associated with, this sector are research and development, culture, information, technology, consulting, financial planning, education etc.,
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Other Sectors of Economy
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Other Sectors of Economy, Quinary Sector 5TH Sector - This sector consists of the highest levels, of decision-making in a country. This includes the top officials of, government, media, universities, etc.,
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1. Consider the following statements:, 1. Macroeconomics is a study of individual markets of demand and, supply and the players or the decision-maker seen as trying to, maximise their profits(as producers or sellers) and their personal, satisfaction or welfare levels(as consumers)., , 2. Even a large company is ‘micro’ in the sense that it had to act in, the interest of its own shareholders and not necessarily in the interest, of the country as a whole., Which of the statements given above is/are correct?, (a) 1 only, (b) 2 only, (c) Both 1 and 2, (d) None of these
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2. Macroeconomic policies of India are pursued by which of the, followings:, 1. Government of India, 2. RBI, 3. SEBI, Select the correct answer using the codes given below, (a) 1 and 2, (b) 2 and 3, (c) 1, 2 and 3, (d) 1 only
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3.Match the following pairs:, Economic Systems, 1. Capitalism (market economy), 2. Socialism, ownership, 3. Communism, everything, , Ownership, A. Private ownership, B. Essential and monopolies, government, C. Government ownership for almost, , Which of the followings are correctly matched?, (a) 1-B 2-A 3-C, (b) 1-A 2-B 3-C, (c) 1-C 2-A 3-B, (d) 1-B 2-C 3-A
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4.Which of these are the factors of production?, 1. Land, 2. Labour, 3. Revenue, 4. Capital, Select the correct answer using the codes given below., (a) 1 and 2 only, (b) 1, 2 and 4 only, (c) 1, 2, 3 and 4, (d) 1, 2 and 3 only
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5.Mixed economy means an economy where, (a) both agriculture and industry are equally promoted by the state, (b) there is co-existence of private sector along with the public sector, (c) there is importance of small scale industries along with heavy industries., (d) economy is controlled by military as well as civilian rules
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6.Macroeconomics as a separate branch of economics, emerged, after the British economist John Maynard Keynes published is, celebrated book, (a) The Wealth of Nations, (b)On the Principles of political Economy and Taxation, (c)The Affluent Society, (d) The General Theory of Employment, Interest and Money
