Unit I: Introduction of Economics

Microeconomics may be defined as the branch of economic analysis which studies the economic behavior of an individual economic unit may be a person, a particular households, a particular firm and an industry.

Macroeconomics is derived from the Greek word “Makros”, which means “big”. Hence, macroeconomics studies, not individual units but all the units combined together or the economy as a whole.

In this “Introduction of Economics - Applied Economics” you will learn about following topics:

Microeconomics
Types of Microeconomics
Macroeconomics
Types of Macroeconomics
Interdependencies between Microeconomics and Macro-economics
Difference between Micro-economics and Macro-economics
Economic Inequality
Types of Economic Inequality
Measurement of Inequality
Commonly Used Measures of Economic Inequality
Equilibrium
Types of Equilibrium
Stock and Flow Ratio Variables

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