Economics Module

I would like to share about "ECONOMICS MODULE" and my learnings.

Economics is a study of scare resources or man kind of daily activities.Economics is the social science that describes the factors that determine the production, distribution and consumption of goods and services. many economist gave different definitions.

1. Wealth definition - Adam Smith

            Economics is a study of wealth.
     2. Welfare Economics - Alferd Marshal
           Economics is a study of human being
     3. Scarcity Definition - L Robbins
           Economics is a study of scare resources
     4. Economics of Growth - J M Keynes & Samuelson
           Economics is a study of sustainable development.

This  module through I learn t Demand,  Supply, Market structure, Competition, Inflation, Profit, Loss, Break even point, Inflation, Deflation, Foreign trade, and more. Mainly this module through I learnt  10 principle. bellow maintained that

 Economics principles 

1. People face a trade offs.
2. The cost of something is what you give up to get it
3. Rational people think at margin
4. People respond to incentive
5. Trade can make up every one better up
6. markets are usually a good way to organize economic activities
7. Government can some times improve market out comes
8. A country's standard of living defends on its ability to produce goods and services
9. Prices rise when the government prints too much money
10. Society faces a short run tradeoff between inflation and unemployment

I learn t above all principles and all 10 principles are giving the whole economic information. D B Vanageri Sir explained cost and revenue.