Economics Unit-1 What is Economics: Branches of Economics and Aspects of Economics (For CBSE, ICSE, IAS, NET, NRA 2022)

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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

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

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