Economics Demo Class

Std XI and XII Economics subject students State Board CBSE, IX and X students who has economic subject.                               

Students will get an overall idea about Micro Economics and Macro Economics and introduction of economics 

This is an introductory principles of economics course that covers topics in
microeconomics. The breath of topical coverage limits the course objectives to subject
matter mastery. The course will present factual material concerning the operation of the
firm and household as well as the development of rudimentary understanding of
economic decision-making.

1. Economics Defined - Economics is the study of the ALLOCATION of SCARCE

resources to meet UNLIMITED human wants.

a. Microeconomics - is concerned with decision-making by individual

economic agents such as firms and consumers. (Subject matter of this

course)

b. Macroeconomics - is concerned with the aggregate performance of the

entire economic system. (Subject matter of the following course)

c. Empirical economics - relies upon facts to present a description of

economic activity.

d. Economic theory - relies upon principles to analyze behavior of economic

agents.

e. Inductive logic - creates principles from observation.

f. Deductive logic - hypothesis is formulated and tested.

2. Usefulness of economics - economics provides an objective mode of analysis,

with rigorous models that are predictive of human behavior.

a. Scientific approach

b. Rational choice