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


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 .

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#1 Economics II Introduction to 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 part 1 || what is Economics || Introduction to economics || in hindi urdu | upsc

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Economics 12th Class (Ch-1) :- Introduction of Economics and Definition | Economic is art or Science

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Introduction to Economics , Subject matter of economics, Economy and the types of Economies.

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Chapter: 1 अर्थव्यवस्था का परिचय/ Introduction of Economy

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

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Sectors of Indian Economy _ Part1 _ Introduction _ Shubhi Chhabra

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ভারতীয় অর্থনীতি || ভূমিকা || প্রাথমিক আলোচনা || introduction to economics || economy

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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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Micro Economics | Chapter #1 Introduction and Central problems of an Economy | Sunil Adhikari |

Central problems of an Economy in Hindi | Micro Economics Chapter 1 Introduction | Economics by Sunil Adhikari | #Economics #cbse #rbse #suniladhikari

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NCERT||ECONOMICS XII : introduction to Economics - Economic System and Production Possibility Curve

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