Economics Unit-1 what is Economics: Branches of Economics and Aspects of Economics

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Branches of Economics

Micro (Very Small)

Meaning: Study of economics at a very small scale or at individual level

Example: An individual making decisions regarding the consumption and expenditure on different goods and services

Macro (Very Large)

Meaning: Study of economy at a large scale or at country level. It is the study of economy as a whole

Example: Government makes policies with respect to collection of taxes, expenditure on public goods and welfare activities etc.

Branches of Economics

Branches of Economics

Branches of Economics

Aspects of Economics

Positive

Meaning: Talks about the thing’s happenings in the world

Example: India’s population have crossed 135 crores mark

Explanation: Describes phenomenon which is happening

Normative

Meaning: Gives value judgements about things and tells us to “what should have happened”

Example: India should not allow its population to grow so fast

Explanation: Gives a value judgement on Nida’s population

Aspects of Economics

Aspects of Economics

Aspects of Economics

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