These notes are provided from studifysucess
Class-11
Statistics for economics
Unit-1 : Introduction
Chapter-1
What is economics?
https://www.studifysuccess.com/ MADE BY- SAKSHI
, These notes are provided from studifysucess
ECONOMICS:AN INTRODUCTION
● Economics is a science that studies human
behavior which aims at allocation of scarce
resources in such a way that consumer can
maximise their satisfaction, producers can
maximise their profits and society can
maximise its social welfare. It is about making
choice in the presence of scarcity.
● Scarcity means shortage of goods and
resources in relation to their demand.
● The science of economics is not very old . its
origin can be traced to 1779, when adam
smith’s book “an enquiry into the nature and
the causes of wealth of nation ” was published.
● The word ‘ECONOMICS’ has been derived
from two GREEK WORDS ‘OIKOS’ (A
HOUSE) and ‘ NEMEIN’(TO MANAGE) .
● The economic means ‘housedold
management’. Earlier,it used to be called as ‘
political economy’.
1.
https://www.studifysuccess.com/ MADE BY- SAKSHI
Class-11
Statistics for economics
Unit-1 : Introduction
Chapter-1
What is economics?
https://www.studifysuccess.com/ MADE BY- SAKSHI
, These notes are provided from studifysucess
ECONOMICS:AN INTRODUCTION
● Economics is a science that studies human
behavior which aims at allocation of scarce
resources in such a way that consumer can
maximise their satisfaction, producers can
maximise their profits and society can
maximise its social welfare. It is about making
choice in the presence of scarcity.
● Scarcity means shortage of goods and
resources in relation to their demand.
● The science of economics is not very old . its
origin can be traced to 1779, when adam
smith’s book “an enquiry into the nature and
the causes of wealth of nation ” was published.
● The word ‘ECONOMICS’ has been derived
from two GREEK WORDS ‘OIKOS’ (A
HOUSE) and ‘ NEMEIN’(TO MANAGE) .
● The economic means ‘housedold
management’. Earlier,it used to be called as ‘
political economy’.
1.
https://www.studifysuccess.com/ MADE BY- SAKSHI
