Economics Introduction
Inflation
LPG Policy
No items in this sectionTypes of Economies
No items in this sectionBanking System
No items in this sectionInternational Organisation
No items in this sectionDemand & Supply
No items in this sectionFIve Year Plans
No items in this sectionFinancial Market
No items in this sectionNational Income
No items in this sectionTypes of Market
No items in this sectionTheory of Consumer
No items in this sectionBudget & Taxation
No items in this section
Micro & Macro Economics Introduction
ECONOMICS
Scarce Resource ⇒ Allocation ⇒Unlimited wants ⇒ Economics
Micro & Macro
| MICRO | MACRO |
| Individual Unit | Whole Unit |
| Major Determination | Income |
| Individual demand / Individual Supply | Aggregate Demand & Aggregate Supply |
| Adam Smith | John Maynard Keynes |
ECONOMICS: Allocation of scarce resources of an economy according to our priority in order to satisfy the needs and wants of the individual as well as society.
Father Of Economics – Adam Smith ( Wealth of nation(book) in the year: 1776). 
IN 1933 – Ragnar Frish divided economics into Micro & Macro
Economics is divided into 2 categories.
| Micro Economics | Macro Economics |
| It deals with individual units. | It deals with the nation as a whole unit. |
| Price is the major determinant. | Income is the major determinant. |
| It depends on individual demand & Individual supply. | It depends on aggregate demands and aggregate supply. |
| The Father of microeconomics is Adam Smith. | The Father of macroeconomics is J.M. Keynes. |
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