In this part we will study the basic parts of the economics which is important for understanding the economics.  And this is the ground level where are the students understand, what the Economics is? Why the Economics is important? And on which way the economics should be studied?

The Economics is divided into two parts microeconomics and macroeconomics and I will start the micro economics the topics of microeconomics which I cover is as follows

Points to be Covered

  1. Definition of economics
  2.  Micro and macroeconomics
  3.  Evolution of Economics capitalism socialism and mixed economy
  4. Four factors of production
  5. Law of demand and supply
  6. Market equilibrium
  7. Type of goods
  8. Elasticity and
  9. Questions related to microeconomics


The economy we are talking about, this economy has not started today, and it has not started since we are thinking it was even before that. I mean to say that all of us who are trying to understand the economy this economy was going on long ago, but when our scholars tried to define it by understanding it, then we considered it as a subject and today we are all reading and understanding it. What I am trying to explain to all of you very easily is economics, so let us understand how different scholars have defined economics that is, how to save economics we understand that we can get benefit in our use and take this subject in our life.

Definition of Scarcity:

When we want to understand scarcity in a good way, then we must first understand human behavior and this is why I am saying this so that I can explain this work city to all of you in a good way. Understanding scarcity is equivalent to understanding your daily life. I am saying this and let me explain to you how you will be able to understand this. Suppose you have a ₹ 100 and you want to buy something with index rupees in your life. Want to use but what will you do for a ₹ 100? There are so many things going on in your mind that I want this thing, I want this thing, I want more next thing, I wish I had got this way Things keep going in your mind.

Example of Scarcity:

What do we mean to say that now you have one ₹ 100 and you want to fulfill your every wish in these 100 rupees, then how will you do that here you have to pay attention that it is the meaning of saying that there is scarcity of resources That you have a ₹ 100 and you want to eat food in it, you will have to spend in transportation to go home and you are also looking for a film, these three things cannot be done, then you have to ration your resources here You have to spend resources, that is, you will have to spend by dividing your resources so that you can complete all your fulfillments, how do you do this, then let us see that you have a ₹ 100 and you are planning that I will not eat food right now, I will not spend even in transportation, I will go home on foot. I watch a movie and you spend a ₹ 100 in the film. There is a way by which you have to spend a ₹ 100 recharge. Have done it but your friend also has ₹ 1 and they also wish to eat food to go home Whether or not to spend in the station or watch a movie, your friend said that I have a lot of difficulty walking and I will not eat because I have less money and I still will not see any transportation. I will go home immediately because of my health is deteriorating. Now we saw how the bribe of ₹ 100 was used in different ways by two friends due to scarcity i.e. rationing of resources i.e. sharing of resources. So let us look at another friend how he is using one ₹ 100 as if we assume that the third friend is very hungry and he spends ₹ 50 for one hundred rupees In his lunch and he goes to the hotel and eats food, now he has ₹ 50 left, now he spends ₹ 50 in transportation and he goes home. He does not watch the film, thus we saw that Thus three friends filled their daily routine with the things they needed, then we can say that if one is ₹ 100 How are you spending it in your life but the condition to spend is that you have a resource limit, you have tax limited resources when you use unlimited recharge and here is resource scarcity when there is scarcity of resources Then when you use resources, and from this human behavior we also call a study of economics, according to Robinson’s study, in which he tries to tell that a human has a behavior which was at that time Shows when there is a shortage of resources.





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