INTRODUCTION TO MACROECONOMICS
INTRODUCTION TO MACROECONOMICS MEANING OF AN ECONOMY- An economy is a system which provides people with the means to work and earn a living. DEFINITION OF ECONOMICS - Economics studies human behavior as a relationship between means i.e. resources and ends i.e. human wants. Economics aims to make sure that limited resources are optimally utilized in the best possible manner.In other words, Economics is a social science concerned with proper use and allocation of resources for the achievement and maintenance of growth stability. BRANCHES OF ECONOMICS - The study of economics can be broadly divided into two branches – Microeconomics and Macroeconomics. MEANING OF MICROECONOMICS -The term “micro” has been derived from the Greek word “mikros” which means small. Microeconomics is that branch of economic theory that studies the behavior of individual units of an economy. Individual income, individual output, price of a commodity etc. are examples of micro economic conc