What is Economics ?
Economics is the science of human behavior which is concerned with the distribution of limited resources in such a way that consumers can maximize their satisfaction,producers can maximize their profits and societies can maximize their social welfare.
How many types of Economics ?
There are two types of economics.
i) Microeconomics
ii) Macroeconomics
What is Microeconomics ?
Microeconomics studies the economic activities of only one economic unit.
What is Macroeconomics ?
In the macroeconomic ,relationship or economic problems are studied at the level of the economy as a whole.
What is real Economic ?
Real economics deals with past, present and future economic issues.
Real economics is concerned with the statement of what ,was what is and will happen.
What is Normative Economics ?
Normative economic is concerned with the views of economists on economic issues or economic problems.
The statement of Normative economic is related to 'what should be'.
What is Economy ?
Economy is the system thought which the people of region earn their livelihood.
How many types of Economy ?
i) Centrally planned Economy
ii) Market Economy
iii) Mixed Economy
Centrally planned Economy
There are economic where the government or a central authority has complete control over economic activities.
Market Economy
These are economies where economic activities are controlled by market forces.
Mixed Economy
These are economies where economic activities activities are controlled by market force,yet they are regulated by the government.