Basic Concepts of Economy

Concepts

Explanations

Issues Related to It

Economics

It is the science that deals with production, exchange and consumption of various commodities in the economic systems.

Central Focus: The central focus of economics is on scarcity of resources and choices among their alternative uses.

Division in Economics

The study of economics is divided into: i) Microeconomics and ii) Macroeconomics.

Microeconomics

It analyses the economic behaviour of any particular decision-making unit such as a household or a firm.

Microeconomics studies the flow of economic resources or factors of production from the households or resource owners to business firms and flow of goods and services from business firms to households.

Behaviour of ....

Do You Want to Read More?
Subscribe Now
To get access to detailed content

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Indian Economy