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Introduction to economics || economics || what is economics | Indian economy

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Introduction to economics || economics || what is economics | Indian economy

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Topics Covered:
What is Economy ?
-Type of Economy(पूंजीवादी ,समाजवादी ,मिश्रित अर्थव्यवस्था)
-Indian Economy(भारतीय अर्थव्यवस्था)
-Closed Economy (बंद अर्थव्यवस्था)
-Globalisation (वैश्वीकरण अर्थव्यवस्था)
-Human Development Index (HDI) (मानव विकास सूचकांक)

Basics of economics ,
Economics Notes for UPSC ,
Indian economy related question with answer ,
sectors of indian economy ,
Type of Economy .

Exam-Utility: UPSC CSAT, Prelims, Mains, CDS, CAPF,SSC CGL, MPSI,MPPSC,BPSC,RAS/RTS
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National Income राष्ट्रीय आय :-


भारत की राष्ट्रीय आय | Test :-

INDIAN ECONOMY part 1 || what is Economics || Introduction to economics || in hindi urdu | upsc

INDIAN ECONOMY part 1
what is Economics
Introduction to economics
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Indian Economy Part 1 - Micro Economics Concepts and Application for UPSC / SSC / RBI / RRB / NABARD

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#22 Micro Economics || Introduction to Elasticity of Demand (Part-1)

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This video explains Meaning of elasticity of demand and all types of elasticity of demand. These are explained with Examples, Graphs and Calculations of Elasticity of demand. This is useful for CA, CS, CMA, B.Com, BBA students. Watch this full lecture to get economics on your tips.
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#1 Micro Economics || What is Economic Problem?

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This video discusses the economic problem. It is Sometimes called basic or central economic problem. It explains that an economy's limited resources are insufficient to satisfy all human wants. According to this human wants are unlimited, but the means to satisfy human wants are limited.

Indian Economy : Introduction to Economics (part-1 ) in Hindi For UPSC | PCS Exam

This is the first video of Indian Economy. In this we learn about Introduction to Economics - Definition, Microeconomics & Macroeconomics, Types of Economic systems, Sectors of economy, Growth Vs. Development. which is beneficial for UPSC and PCS exam. our course are designed with perfect strategy for all aspirants. A strategy like this will cement your chances of success.
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Economics 12th Class (Ch-1) :- Introduction of Economics and Definition | Economic is art or Science

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Introduction of economics
Definition of economics

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Indian Economy By Ramesh Singh- Chapter 1 Introduction (1) for UPSC|all exams

In this Video I have Discussed about the Indian Economy by Ramesh Singh Chapter 1 in detail

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Indian Economy - Introduction to Economy - Episode 1 - UPSC CSE/ IAS, BANK, SSC By Vikas Tomar

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Indian Economy - Introduction to Economy - Episode 1 - UPSC CSE/ IAS, BANK, SSC By Vikas Tomar

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INDIAN ECONOMY (INTRODUCTION) FOR UPSC , SSC & BANK Etc BY VIKAS TOMAR SIR

Economics is the social science studying the production, distribution and consumption of goods and services. It is a complex social science that spans from mathematics to psychology. At its most basic, however, economics considers how a society provides for its needs. Its most basic need is survival; which requires food, clothing and shelter. Once those are covered, it can then look at more sophisticated commodities such as services, personal transport, entertainment, the list goes on. Today, this social science known as Economics tends to refer only to the type of economic thought which political economists refer to as Neoclassical Economics. It developed in the 18th century based on the idea that Economics can be analysed mathematically and scientifically.
A generally accepted notion of Value is the worth of goods and services as determined by markets. Thus an important part of Economics is the study of policies and activities for the generation and transfer of Value within markets in the form of goods and services. Often a measure for the worth of goods and services is units of currency such as the US Dollar, peso, etc... But, unlike the units of measurements in Physics such as Seconds for Time, there exists no absolute basis for standardizing the units for Value. Usually the value of a currency is related to the value of Gold, which in turn is valued by amount or number of goods and services that it can be exchanged for. Because the rate of production of gold in the world is slower than the rate of creation of goods and services, the relation between gold and currencies is not as strict as it used to be.

Thus, one of the most complicated and most often misunderstood parts of economy is the concept of value. One of the big problems is the large number of different types of values that seem to exist, such as exchange-value, surplus-value, use-value

The discussion of values all start with one simple question: What is something worth?

Today's most common answer is one of those answers that are so deceptively simple that it seems obvious when you know it. But then remember that it took economists more than a hundred years to figure it out: Something is worth whatever you think it is worth. In 1st century BC, Publilius Syrus wrote: Something is only worth what someone is willing to pay for it.

This statement needs some explanation. Take as an example two companies that are thinking of buying a new copying machine. One company does not think they will use a copying machine that much, but the other knows it will copy a lot of papers. This second company will be prepared to pay more for a copying machine than the first one. They find different utility in the object.

The companies also have a choice of models. The first company knows that many of the papers will need to be copied on both sides. The second company knows that very few of the papers it copies will need double sided copying. Of course, the second company will not pay much more for this, while the first company will. In this example, we see that a buyer will be prepared to pay more for the increase in utility compared to alternative products.

But how does the seller value things? Well, in pretty much the same way. Of course, most sellers today do not intend to use the object he sells himself. The utility for the seller is not as an object of usage, but as a source of income. And here again it is marginal utility that comes in. For which price can you sell the object? If you put in some more work, can you get a higher price?

Here we also get into the resellers utility. Somebody who deals in trading will look at an object, and the utility for him is to be able to sell it again. How much work will it take, and what margins are possible?


So not only do the two different buyers have a different value on an object, the salesman puts his value on it, and the original manufacturer may have put yet another value on it. The value depends on the person who does the valuation, it is subjective.

So, how do all these subjective values turn into the price? To understand that, we must take a look at the place where things are bought and sold: The market.
A market is an often national but increasingly international legally, autonomous or semi-autonomous, defined place, system or arrangement. Where economic agents (producers, facilitators, sellers, buyers, investors and speculators, etc)
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National income - GDP GNP NDP NNP Explained - Indian Economy Part 11 - Concepts of Macro Economics

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#2 Micro Economics || Central Problems of an Economy

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This video is useful for every student studying economics including CA, CS, CMA, B.com and BBA students.
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Expected Economics MCQ questions in SSC CHSL , SSC CGL Part 1

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INTRODUCTION (PART 1) INDIAN ECONOMY BY RAMESH SINGH (In Bengali)BY ANKITA PODDER

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Indian Economy Part 3 - Concepts of Micro Economics for UPSC / SSC / RBI / RRB / NABARD

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Economy 1 :Introduction and Basic Concepts (Imp for MPSC/UPSC, PSI, STI, ASO Tax Assistant)

अर्थव्यवस्था PART-1||INTRODUCTION OF ECONOMY ||DIFFERENCE BETWEEN ECONOMY AND ECONOMICS ||

Chapter -1 ( Class-2 of 5 ) Introduction of Micro Economics [ Economic Problem ]

Chapter -1 ( Class-2 ) Introduction of Micro Economics by Shivam Dwivedi
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What is Economics?



The typical first-year student walks into his first economics class with very little idea of what economics is. He might have heard something like, economics is the study of money, or economics is another word for accounting, or economics is hard, don't take that class, but none of those are true.

Economics is the study of the use of scarce resources that have alternative uses. That's the classic definition of economics. Basically, there are people, and people need resources to fulfil their desires. These resources cannot be infinite, but the desires can be, so people need to make choices about how to use their scarce resources. Economists study these choices.

All economic questions fall into one of two categories: positive and normative. Positive economics describes what is and normative economics argues for what ought to be, so a question like, why do people use money? is a positive question and should people use money? is a normative question.

A general rule of thumb is that if your economic model has no value judgements, it's positive economics, and if it does have value judgements it's normative economics, since to tell someone what he ought to do, you first have to judge what is best for him.

Economics is also divided into microeconomics and macroeconomics. Microeconomics studies the behaviour of individual agents and markets, while macroeconomics studies the behaviour of the entire economy.

Economists also have their own branch of statistics called econometrics that's specialized to analyzing economic data. Since economic data usually comes from the real world, and not from controlled experiments, econometrics faces mathematical challenges that other fields might not.

The tools economists have developed to study human behaviour have broad uses outside of what we would traditionally consider economics. Economists study not only markets, but things like crime, war, the family, religion, culture, politics, law, and even genetics. That's why it's not unusual to see papers by psychologists, sociologists, criminologists, political scientists, anthropologists, biologists, neuroscientists, or legal scholars being co-authored by economists.

Indian Economy Part 7 - Concepts of Micro Economics for UPSC / SSC / RBI / RRB / NABARD

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