Introduction to Economics 8th Notes KSEEB Social Science
→ We use various things in our daily life. There things are called goods and services.
→ Food, cloth, T.v. mobiles, furniture etc., are Physical and Tangible object.
→ Electricity, transportation, medical Services, education, tailoring, music, internet services etc. These are intangible and also essential to man.
→ The people using goods and services are called the consumers.
→ People engaged in the production of the goods and services are called the ‘producers’. We buy the required goods and services by paying the given ’Price’.
→ Economics may be described as the study of economic activities of individuals.
→ Economics, as a science it deals with the production, distribution and use of goods and services.
→ Scarcity and choice are basic problems which everyone faces and which are the central problems of Economics.
→ Economics is defined as the Social Science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants.”
→ Economics is the “study of wealth” Adam Smith He is called as Father of Economics.
→ Economics is the study of “People in the ordinary business of life” Alfred Marshell.
→ Economics is the science which studies human behaviour as are relation have between given ends and scarce means which have alternative uses” – Lione Robbins.
→ “ Economics is the study of how societies use Scarce resources, produce. Valuable commodities and distribute them among different people”. Paul A Samuelson.
→ The study of Economic is very important for the individual as well as to the society
→ “The study of Economics is not only enlightening but also profitable”. A.C.Pigon.
→ Economic activities can be divided into 4 types. They are production., consumption, exchange and distribution.
→ Micro Economics implies study of economics at a very small level or individual.
→ MacroEconomics deals about the whole or total consumption, expenditure etc. of a nation.
→ Basic Economic problems are – what to produce, how to produce, for whom to produce.