1st Year
ECONOMIC NOTES
CHAPTER#1
Q-1. Define Micro and Macro Economics?
Ans. Micro economics deals small segments of economy. It is studies of particular firms, households, individual prices, wages, income, individual industries and particular goods.
Macro economics deals with functioning of economy as a whole. It is study of national income, general price level and national output of an economy.
Q-2. Who is father of economics?What is the name of his book?
Ans. Adam Smith is father of economics;his book name is "An Enquiry into the nature and causes of wealth of nations".
Q-3. What is nature of economics?
Ans. Nature of economics mean whether its subject matter is science or art. It can be both. If it is science, then it is both positive and normative.Prof, Samuelson says, Economics is oldest of the arts, the newest of the science, indeed the queen of all the social sciences.
Q-4.What are limitations of economics?
Ans. The study of economics faces certain limitations which are as under.
Ans. Importance of economics is of two types i.e. theoretical and practical. The theoretical uses of economics implies as it helps to promote welfare, correct judgment, cultural value and useful to politicians and statesmen, It is also practically useful for consumer, producer, worker and business community.
ECONOMIC NOTES
CHAPTER#1
WHAT IS ECONOMICS ABOUT?
SHORT QUESTION AND ANSWERQ-1. Define Micro and Macro Economics?
Ans. Micro economics deals small segments of economy. It is studies of particular firms, households, individual prices, wages, income, individual industries and particular goods.
Macro economics deals with functioning of economy as a whole. It is study of national income, general price level and national output of an economy.
Q-2. Who is father of economics?What is the name of his book?
Ans. Adam Smith is father of economics;his book name is "An Enquiry into the nature and causes of wealth of nations".
Q-3. What is nature of economics?
Ans. Nature of economics mean whether its subject matter is science or art. It can be both. If it is science, then it is both positive and normative.Prof, Samuelson says, Economics is oldest of the arts, the newest of the science, indeed the queen of all the social sciences.
Q-4.What are limitations of economics?
Ans. The study of economics faces certain limitations which are as under.
- It is study of human activities only.
- It is study of average man in society.
- It deals with economic activities only.
- Economic laws are generally considered scientific laws which are less accurate like laws of nature.
Ans. Importance of economics is of two types i.e. theoretical and practical. The theoretical uses of economics implies as it helps to promote welfare, correct judgment, cultural value and useful to politicians and statesmen, It is also practically useful for consumer, producer, worker and business community.
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