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first sessesion- ch#1 - I ntr oducti on to Economi cs 1 Or...

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Introduction to Economics 1. Origin of Economics 2. What Economics is all about? (Concepts & Definitions) 3. Significance/Advantages of Economics 4. Economic Theory 5. Economics as Science 6. Economic Laws 7. Economic Problems 8. Production Possibility Curve 9. Concept of Opportunity Cost 10. Microeconomics 11. Limitations of Economics 12. More Reasons to Study Economics 13. The Scope of Economics 14. The Method of Economics 15. How to Read and Understand Graphs
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1. Origin of Economics 1. Origin of Economics Our activities to generate income are termed as economic activities, which are responsible for the origin and development of Economics as a subject. Originated as a Science of Statecraft. Emergence of Political Economy. 1776 : Adam Smith (Father of Economics) – Science of Wealth Economy is concerned with the production, consumption, distribution and investment of goods and services.
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2. What Economics is all about? Stages & Definitions of Economics Wealth Definition (Adam Smith) Welfare Definition (Ayred Marshall) Scarcity Definition (L. Robbins) Growth Oriented Definition (Samuelsons ) Need Oriented Definition (Jacob Viner)
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a. Wealth Concept : Adam Smith, who is generally regarded as father of economics, defined economics as “ a science which enquires into the nature and cause of wealth of nation”. He emphasized the production and growth of wealth as the subject matter of economics. Characteristics : # Takes into account only material goods. Criticism of Wealth Oriented Definition : # Considered economics as a dismal or selfish science. # Defined wealth in a very narrow and restricted sense which considers only material and tangible goods. # Have given emphasis only to wealth and reduced man to secondary place in the study of economics.
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b. Welfare Concept : According to A. Marshall “Economics is a According to A. Marshall “Economics is a study of mankind in the ordinary business of life; it examines that study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely part of individual and social action which is most closely connected with the attainment and with the use of material connected with the attainment and with the use of material requisites of well being. Thus, it is on one side a study of wealth; requisites of well being. Thus, it is on one side a study of wealth; and on other; and more important side, a part of the study of man. and on other; and more important side, a part of the study of man. Characteristics of Welfare Definition Characteristics of Welfare Definition : # I t is primarily the study of mankind. # I t is primarily the study of mankind. #Takes into account ordinary business of life – I t is not #Takes into account ordinary business of life – I t is not concerned concerned with social, religious and political aspects of man’s with social, religious and political aspects of man’s life.
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