Basic Concept of Economics
and Allocation of Resources
Introduction of Economics
•The old economic comes from the greek word"Orkonomikos which megna management of house hald Using the limited fund
•Economics is a Social Science which studies about people who like in the society
•Economics is a Social science that deals with. production, distrubution consumption diffrent type of Goods and Services So, Economic is the study of how society uses it's limited resources to fullfill the Unlimited needs- and desire of a person.
•So, Economics Studies the relationship between Scare resources and their Various alternative Uses which compete the diffisent needs and desire for their limited resources
•Before 18th century economic was a part of Political economy
•Economic subject come in to being as the Publication of "an inquary the Nation Nature and Causes with in to wealth of Nation" in 1776AD By Adam Smith For this reason Adam smith also called father of Economics.
•The devlopment of economics can seprate part of knowledge has history of around 245 years which can be classified as follows.
1) Classical period (17.76-1890),
•The old economic comes from the greek word"Orkonomikos which megna management of house hald Using the limited fund
•Economics is a Social Science which studies about people who like in the society
•Economics is a Social science that deals with. production, distrubution consumption diffrent type of Goods and Services So, Economic is the study of how society uses it's limited resources to fullfill the Unlimited needs- and desire of a person.
•So, Economics Studies the relationship between Scare resources and their Various alternative Uses which compete the diffisent needs and desire for their limited resources
Origin and Devlopment of economics
•Before 18th century economic was a part of Political economy
•Economic subject come in to being as the Publication of "an inquary the Nation Nature and Causes with in to wealth of Nation" in 1776AD By Adam Smith For this reason Adam smith also called father of Economics.
•The devlopment of economics can seprate part of knowledge has history of around 245 years which can be classified as follows.
1) Classical period (17.76-1890),
2) Neo-classical period (1890-19.32)
3) Mordre Modern period (1932 onwards)