Economics First Year - Untouchability
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Questions and Answers

What is the focus of Economics according to Tyler Cowen?

  • Economic theories only
  • Government policies
  • Financial markets
  • Making better decisions (correct)

    • What are the two main learning objectives mentioned in the introduction to Micro Economics?

    To acquire fundamental knowledge on the subject and understand basic concepts of Economics.

    Which of the following is NOT mentioned as a career opportunity for economics graduates?

  • Economic Journalist
  • Financial Analyst
  • Corporate Lawyer
  • Astronomer (correct)

    • Which sector offers job opportunities for economics graduates according to the text?

    <p>All of the above</p> Signup and view all the answers

    In which city is the ______ School of Economics located?

    <p>London</p> Signup and view all the answers

    Name one famous institution that offers courses in economics.

    <p>London School of Economics.</p> Signup and view all the answers

    Match the following sectors with their corresponding job prospects:

    <p>Government = Indian Civil Services Banking = Investment Banker Education = Professor Business = Market Research Analyst</p> Signup and view all the answers

    What is the method of analyzing economic phenomena that involves reasoning from specific facts to general principles?

    <p>Inductive Method</p> Signup and view all the answers

    According to Engel's Law, what happens to the proportion of total expenditure incurred on food as income increases?

    <p>The proportion declines.</p> Signup and view all the answers

    Economic laws are as precise and certain as the laws in physical sciences.

    <p>False</p> Signup and view all the answers

    The two primary methods used in economics are _______ and _______.

    <p>deduction, induction</p> Signup and view all the answers

    Match the following economic fields with their descriptions:

    <p>Microeconomics = Study of individual economic agents like households and firms Macroeconomics = Study of the economy as a whole, including aggregates like national output Public Economics = Concerns with public expenditure and revenue Health Economics = Focus on health indicators and medical services</p> Signup and view all the answers

    What is the main focus of Microeconomics?

    <p>Economic actions of individual units.</p> Signup and view all the answers

    What concept indicates that as the price of a commodity decreases, the quantity demanded increases?

    <p>Law of Demand</p> Signup and view all the answers

    Scarcity of resources leads to no economic problems.

    <p>False</p> Signup and view all the answers

    What does Developmental Economics focus on?

    <p>Features of developed nations and obstacles for development.</p> Signup and view all the answers

    What should a subject have to classify it correctly?

    <p>A name or title that facilitates a clear understanding.</p> Signup and view all the answers

    Which of the following definitions of Economics is attributed to Adam Smith?

    <p>Wealth Definition</p> Signup and view all the answers

    What is the focus of Alfred Marshall's definition of Economics?

    <p>Welfare</p> Signup and view all the answers

    According to Lionel Robbins, Economics is a science that studies what?

    <p>Human behavior in relation to scarce means</p> Signup and view all the answers

    In what era was the Welfare Definition introduced?

    <p>Neo-Classical era</p> Signup and view all the answers

    What does Samuelson's definition of Economics include that is unique?

    <p>The element of time</p> Signup and view all the answers

    What does the scarcity of a commodity relate to?

    <p>Its demand</p> Signup and view all the answers

    Economics treats human activities not related to wealth as part of its subject-matter.

    <p>False</p> Signup and view all the answers

    The term ‘Economics’ comes from the Ancient Greek word ‘oikonomikos’, which means _________.

    <p>households</p> Signup and view all the answers

    What does Economics study concerning human wants?

    <p>The ways people use available resources to satisfy their wants.</p> Signup and view all the answers

    Who is the Father of Economics?

    <p>Adam Smith</p> Signup and view all the answers

    What is the basic problem studied in Economics?

    <p>Scarcity</p> Signup and view all the answers

    Microeconomics is concerned with:

    <p>The study of individual economic units behavior</p> Signup and view all the answers

    Which of the following is a microeconomics statement?

    <p>The price of wheat determines its demand.</p> Signup and view all the answers

    Which theory is generally included under microeconomics?

    <p>Equilibrium point at which demand and supply are equal</p> Signup and view all the answers

    The production possibility curve (PPC) reflects the constraints imposed by economic scarcity.

    <p>True</p> Signup and view all the answers

    What does the term 'scarcity' refer to?

    <p>The gap between what people want and what people can get.</p> Signup and view all the answers

    Every economy must decide ____ it will produce.

    <p>for whom</p> Signup and view all the answers

    The law of diminishing returns operates in _____ production.

    <p>production</p> Signup and view all the answers

    Match the following economic terms with their definitions:

    <p>Utility = Want-satisfying capacity of goods and services Price = Value of a commodity expressed in terms of money Income = The amount of monetary returns, either earned or unearned Scarcity = The gap between what people want and what people can get</p> Signup and view all the answers

    What are the two main branches of economics?

    <p>Positive and Normative</p> Signup and view all the answers

    Define Positive Economics.

    <p>Descriptive and focuses on how things are.</p> Signup and view all the answers

    Define Normative Economics.

    <p>Prescriptive and focuses on how things ought to be.</p> Signup and view all the answers

    According to Alfred Marshall, what is economics regarded as?

    <p>Both</p> Signup and view all the answers

    Positive economics are based on subjective opinions.

    <p>False</p> Signup and view all the answers

    What is the definition of goods in economics?

    <p>Material things that satisfy human wants.</p> Signup and view all the answers

    What is the difference between public and private goods?

    <p>Public goods are non-excludable and non-rival, while private goods are excludable and rival.</p> Signup and view all the answers

    Match the types of goods with their descriptions:

    <p>Free Goods = Available in nature and in abundance. Economic Goods = Scarce in supply and require payment. Consumer Goods = Directly satisfy human wants. Capital Goods = Used to produce consumer goods.</p> Signup and view all the answers

    What does 'utility' mean in economics?

    <p>The want-satisfying power of a commodity or service.</p> Signup and view all the answers

    What is total revenue in economics?

    <p>Total amount of money obtained from the sale of goods and services.</p> Signup and view all the answers

    The price of a good is determined solely by its production cost.

    <p>False</p> Signup and view all the answers

    What does income refer to in economics?

    <p>The total monetary returns accruing over time to an economic unit.</p> Signup and view all the answers

    Match the economists with their corresponding type of economics:

    <p>Adam Smith = Positive economics Marshall = Positive economics Robbins = Positive economics Robertson = Normative economics</p> Signup and view all the answers

    Total revenue is equal to total output sold multiplied by which of the following?

    <p>Price</p> Signup and view all the answers

    What is meant by economics?

    <p>Economics is the study of how individuals and societies allocate scarce resources.</p> Signup and view all the answers

    Define microeconomics.

    <p>Microeconomics is the branch of economics that studies individual agents and markets.</p> Signup and view all the answers

    What are goods?

    <p>Goods are physical items that satisfy human wants.</p> Signup and view all the answers

    What is the meaning of the deductive method?

    <p>The deductive method is a reasoning approach that starts with general principles to reach specific conclusions.</p> Signup and view all the answers

    Distinguish goods from services.

    <p>Goods are tangible items, while services are intangible actions or performances.</p> Signup and view all the answers

    Explain the scarcity definition of economics.

    <p>Scarcity in economics refers to the limited nature of resources available to meet unlimited wants.</p> Signup and view all the answers

    What are the crucial decisions involved in 'what to produce'?

    <p>Decisions include analyzing consumer preferences and resource availability.</p> Signup and view all the answers

    Explain different types of economic activities.

    <p>Economic activities include production, consumption, exchange, and distribution of goods and services.</p> Signup and view all the answers

    What are the different features of services?

    <p>All of the above</p> Signup and view all the answers

    Distinguish between microeconomics and macroeconomics.

    <p>Both A and B</p> Signup and view all the answers

    Compare positive economics and normative economics.

    <p>Both A and B</p> Signup and view all the answers

    Study Notes

    How to Use the Book

    • Chapters provide a comprehensive overview of each topic.
    • Introductions contain summaries and key objectives for learner-centric classroom transformation.
    • "Think and Do" sections offer intriguing facts and questions for deeper economic exploration.
    • Activity directions encourage hands-on learning to enhance understanding of concepts.
    • ICT tables enhance computer-based learning and visual representation of functions.
    • Conceptual diagrams illustrate relationships between key concepts for schematic learning.
    • Glossaries define critical scientific terms for clarity.
    • Model question papers are included for evaluation practice.
    • Additional references and web links guide further research on topics.

    Career Guidance in Economics

    • Numerous career paths are available for economics graduates in both private and public sectors.
    • Government sectors offer roles such as:
      • Indian Economic Services
      • Reserve Bank of India positions
      • Roles in PSUs and public sector banks
    • Private sector opportunities include positions in private banks, MNCs, BPOs, KPOs, and economic journalism.
    • Advanced education options like pursuing a Ph.D. in economics can lead to teaching or research roles.
    • A BA in economics followed by an LLB can lead to careers in corporate law, while combining a BA in economics and an MBA enhances private sector prospects.

    Prominent Universities and Colleges

    • Notable institutions offering economics programs include:
      • Delhi School of Economics
      • Sri Ram College of Commerce
      • Jawaharlal Nehru University
      • IIT Kanpur, BITS-Pilani, and Madras School of Economics
      • Various other prominent colleges in Kolkata and Mumbai.
    • London School of Economics is recognized globally for its economics programs.

    Job Opportunities in Economics

    • Graduates can find employment in various sectors:
      • Government jobs in services such as Indian Civil Services and Planning Commissions.
      • Private sector roles in firms like World Bank and IMF.
      • NGO and International Aid Agencies seeking economists and analysts.
    • The average salary ranges from Rs. 4 to 8 lakh per annum, with high-earning potential for qualified candidates.

    Diverse Careers for Economists

    • Potential career opportunities for economics graduates span multiple sectors:
      • Banking: Commodities Broker, Investment Banker, Financial Analyst.
      • Government: Economic Forecaster, Public Administrator, Securities Analyst.
      • Education: Professor, Teacher, Educational Consultant.
      • Business: Market Research Analyst, Management Consultant, Strategic Planner.

    Table of Contents Highlights

    • Subjects covered include Micro Economics, Consumption and Production Analysis, Cost Revenue Analysis, Market Structures, and the Indian Economy.
    • Key chapters cover the evolution of India's economy and its development experiences, alongside mathematical methods pertinent to economics.
    • The curriculum is structured with monthly lessons aimed at guiding students’ progression through topics.### Economics: Definitions and Historical Context
    • Renamed from "Political Economy" to "Economics" by Alfred Marshall in the late 19th century.
    • Various definitions illustrate the development of economic thought through different eras.
    • Four key definitions represent significant stages in the evolution of Economics:
      • Smith’s Wealth Definition: Classical Era
      • Marshall’s Welfare Definition: Neo-Classical Era
      • Robbins’ Scarcity Definition: New Age
      • Samuelson’s Growth Definition: Modern Age

    Smith’s Wealth Definition

    • Adam Smith (1723-1790) defines Economics in "The Wealth of Nations" (1776) as "the science of wealth".
    • Emphasizes the wealth generation through individual pursuits of self-interest, guided by an “invisible hand”.
    • Advocates the importance of “division of labour” in enhancing productivity.
    • Criticism includes an overemphasis on material wealth, neglecting human welfare and ethical considerations.

    Marshall’s Welfare Definition

    • Alfred Marshall (1842-1924) articulated Economics as the study of mankind's welfare in "Principles of Economics" (1890).
    • Shifts focus from wealth to promoting welfare and happiness; considers societal impact and individual well-being.
    • Criticism includes:
      • Lack of clarity on welfare’s definition, as it varies widely across individuals and cultures.
      • Potential disregard for non-material contributions to welfare.

    Robbins’ Scarcity Definition

    • Lionel Robbins (1898-1984) defines Economics as the study of human behavior in relation to scarce resources, published in "An Essay on the Nature and Significance of Economic Science" (1932).
    • Highlights the relationship between ends (human wants) and scarce means with alternative uses.
    • Criticism includes:
      • Lack of distinction between goods promoting welfare and those that do not.
      • Reduces Economics to resource allocation theory, ignoring broader economic growth components.

    Samuelson’s Growth Definition

    • Paul Samuelson (1915-2009) offers a comprehensive view, defining Economics as the study of how society chooses to employ scarce resources, published in "Foundations of Economic Analysis" (1948).
    • Incorporates aspects such as time, production, distribution, and consumption, applicable to situations involving no currency.
    • Highlights the dynamic nature of economic growth, reflecting interactions among individuals and societal groups.

    Nature and Scope of Economics

    • Economics studies human activities focused on wealth, encompassing both art (practical application) and science (systematic study).
    • Concerns itself with human wants and the means to satisfy them, framed by the problem of scarcity.
    • Establishes the need for a balance between satisfying wants and available resources through potential supply increases or demand limitations.

    Positive and Normative Economics

    • Positive Economics: Descriptive analysis of economic phenomena, answering “what is?” and “how does it work?”.
    • Normative Economics: Prescriptive aspect dealing with what ought to be, often addressing social values and ethical considerations.

    Goods and Services

    • Defined in Economics to encompass both material goods and intangible services, satisfying human wants.
    • Goods are characterized by tangibility, preservation over time, ownership, transferability, and market value.

    Conclusion

    • The evolution of Economic thought reflects a broader understanding of its subject matter, continually adapting to societal needs and ethical considerations.
    • Recognizes the interplay between wealth, welfare, scarcity, and growth in shaping economic frameworks.### Types of Goods
    • Free Goods: Abundant in nature, no cost to use (e.g., air, sunlight); water is scarce now, losing its ‘free good’ status.
    • Economic Goods: Scarce resources that require expenditure to own or use.

    Goods Classification

    • Consumer Goods: Satisfy direct human wants (e.g., food, clothing).
    • Capital Goods: Used to produce consumer goods (e.g., machinery) and do not directly satisfy consumer needs.
    • Durable Goods: Long-lasting items (e.g., furniture).
    • Perishable Goods: Short-lived items (e.g., fruits, fish).

    Public vs Private Goods

    • Public Goods: Available to all, non-rival in consumption (e.g., national defense). Funded by society.
    • Private Goods: Consumed by individuals; excludable and rival (e.g., meals, clothing).

    Characteristics of Services

    • Intangible: Cannot be physically owned; often tied to experiences or brands.
    • Heterogeneous: Quality varies across contexts.
    • Inseparable: Services are often produced and consumed simultaneously (e.g., labor).
    • Perishable: Cannot be stored; lose value post-usage (e.g., expired tickets).

    Utility in Economics

    • Definition: Refers to the want-satisfying power of a commodity or service.
    • Psychological Aspect: Utility varies based on individual perception and context.
    • Utility Types:
      • Form Utility: Value derived from the form of goods (e.g., raw cotton vs. cloth).
      • Time Utility: Value linked to when a good is available (e.g., needing medicine immediately).
      • Place Utility: Importance of the location for value realization (e.g., books available at a library).
      • Service Utility: Derived from services when needed (e.g., legal advice).
      • Possession Utility: Satisfaction from owning a product (e.g., purchasing a book).

    Price and Revenue

    • Price Definition: Monetary value of goods determined by supply and demand dynamics.
    • Total Revenue Formula: TR = P × Q (Total Revenue = Price per unit × Quantity sold).
    • Revenue: Income from sales, critical for assessing profit and loss.

    Equilibrium Concepts

    • Stable Equilibrium: A state where no forces disrupt the current condition; optimal satisfaction or profit level.
    • Particular Equilibrium: Focus on one variable (e.g., price of a specific good).
    • General Equilibrium: Involves multiple variables affecting the economy as a whole.

    Economic Methods

    • Deductive Method: Derives specific conclusions from general principles; prominent in classical economics.
    • Inductive Method: Forms generalizations through observation and empirical data; associated with the Historical School.

    Importance of Microeconomics

    • Provides tools for understanding economic mechanisms.
    • Aids in policy formulation and resource management.
    • Useful for evaluating economic welfare and making informed decisions.

    Economic Laws and Their Nature

    • Economic laws express trends rather than certainties; they are subject to variability due to human behavior.
    • Unlike physical sciences, economic predictions may not always yield consistent results due to the volatility of social factors.

    Conclusion

    • Understanding goods, services, utility, and economic methods is essential for grasping fundamental microeconomic principles.

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