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Everybody know the word ‘Economics’ but do you
actually know the meaning of it? Let go through this module on “Basics of
Economics”. Economics word is comprised of two different words, ‘eco’ and
‘nomos’ which means home and accounts. Basically, meaning is how we
keep our home accounts for the progress of members.
Economics is the discipline of social science which
concerned with production, consumption and distribution of goods and services.
Basically it’s the study how an individual, organization or nation used their
limited resources to complete the desire of the infinite demand. Economics
provide the basic tools to make an efficient system to satisfy the need of the
members of the organization or nation. Economics help us to use our limited
resources to meet the unlimited demand of the individual or nation in the most
efficient manner.
Classification
of economics
Economics can be classified into two majors:
1.
Microeconomics
2.
Macroeconomics
Microeconomics and Macroeconomics are not different
subject but these are the two different perspective how you look at the
economy.
Microeconomics
is the study of decision made by the individual, a single entity or a company to
use their resources to meet the demand in efficient manner. It deals with how
an individual spend their budget? and, what kind of goods and services is
required to meet their need with the use of their limited resources. When we
are dealing with a company or business here they will decide how much to buy,
sell, produce or even barrow to meet the need of the company.
Macroeconomics
is the study of economy as whole like how a country behaves and their policies
affect the economy of the country. It focuses on the entire nation like in
microeconomics where individual is priority while in macroeconomics whole
nation is priority. Macroeconomics deals with the countries production capacity
i.e. how much to produce, how much to export or imports and how an unemployment
affects the net GDP of the country. The main focus of macroeconomics is on
aggregates needs of the nation and that’s why it is used by the government to
make economics and fiscal policies.
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Economic
system
It is the mechanism of production, distribution and
exchange of goods and services within the country. Economic system defines what
to produce, how to produce, how much to produce and what happens to the output
product.
There are three major type of economic system:
1.
Capitalist system
2.
Communist system
3.
Mixed economic system
Capitalist system is that economic system in capital
goods are own by the private individual and businesses. It is market driven and
also known as the market economy because production of goods and services are
depending on the demand and supply of the market. There is less interference of
government as compared to other economic system. USA is one the country which
uses the capitalist economic system.
Communist system is type of economic system in which
government interference is maximum or government will decide the what product
has to be produce and how much to be produce for their citizens. Government or
state will decide the production and distribution of the goods and services. In
this system capital is not held by private individual while there is communal
ownership. USSR now Russia is the 1st country who opt the communist
economic system.
Mixed economic system is that economic system which have
both capitalist and communist system perspective for the best use of resources.
India uses this approach since its independence.
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