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CPT Chapter Introduction to Micro Economics

CA CPT Exam  

With Bharat Galani.Duration:3hrs 23min

Introduction to Micro Economics Duration (min:sec)
What is Economics?  
{modal;rel=0|width=780|height=439|title=Introduction}Introduction{/modal} 00:57
{modal;rel=0|width=780|height=439|title=What is Economics?}What is Economics?{/modal} 01:25
{modal;rel=0|width=780|height=439|title=Economics Around You}Economics Around You{/modal} 15:32
{modal;rel=0|width=780|height=439|title=Micro vs. Macro Economics}Micro vs. Macro Economics{/modal} 02:11
{modal;rel=0|width=780|height=439|title=Study of Micro & Macro Economics}Study of Micro & Macro Economics{/modal} 08:47
{modal;rel=0|width=780|height=439|title=Definition}Definition{/modal} 15:13
{modal;rel=0|width=780|height=439|title=Summary Definition}Summary Definition{/modal} 03:03
{modal;rel=0|width=780|height=439|title=Quiz on Definition}Quiz on Definition{/modal} 08:22
Study of Economics  
{modal;rel=0|width=780|height=439|title=Science or Art}Science or Art{/modal} 04:17
{modal;rel=0|width=780|height=439|title=Why Science}Why Science{/modal} 10:35
{modal;rel=0|width=780|height=439|title=Why Art}Why Art{/modal} 03:49
{modal;rel=0|width=780|height=439|title=Positive & Normative Science}Positive & Normative Science{/modal} 04:17
{modal;rel=0|width=780|height=439|title=Nature of Study (Inductive & Deductive)}Nature of Study (Inductive & Deductive){/modal} 06:46
{modal;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 08:07
Central Problem of Economics  
{modal;rel=0|width=780|height=439|title=Central Problem }Central Problem {/modal} 04:06
{modal;rel=0|width=780|height=439|title=PPC}PPC{/modal} 06:42
{modal;rel=0|width=780|height=439|title=How PPC is created}How PPC is created{/modal} 07:11
{modal;rel=0|width=780|height=439|title=Nature of PPC}Nature of PPC{/modal} 05:17
{modal;rel=0|width=780|height=439|title=Can PPC be a straight line}Can PPC be a straight line{/modal} 07:08
{modal;rel=0|width=780|height=439|title=Does Prod happens only on PPC Curve}Does Prod happens only on PPC Curve{/modal} 08:00
{modal;rel=0|width=780|height=439|title=Shift of PPC- Outward & Inward}Shift of PPC- Outward & Inward{/modal} 11:17
Solutions to Central Problem  
{modal;rel=0|width=780|height=439|title=Solutions to Central Economic Problems}Solutions to Central Economic Problems{/modal} 02:33
{modal;rel=0|width=780|height=439|title=Capitalistic }Capitalistic {/modal} 16:41
{modal;rel=0|width=780|height=439|title=Socialistic}Socialistic{/modal} 12:43
{modal;rel=0|width=780|height=439|title=Mixed Economy}Mixed Economy{/modal} 12:34
{modal;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 07:33
{modal;rel=0|width=780|height=439|title=Conclusion}Conclusion{/modal} 08:18
Total 3:23:24


Introduction to Micro Economics

Study in Micro Economics

product pricing
consumer behaviour
factor pricing
Economic condition of a family
study of firm
location of industry
national income & output
general price level
balance of trade & payments
external value of money
national savings & investment

Definitions of Economics

Science of Material Well-Being
“Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Thus, it is on the one side a study of wealth and on the other and more important side a part of the study of the man.” … Alfred Marshall

“The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money” … A.C. Pigou

Definitions of Economics : Summary

Adam Smith : Wealth
J. B. Say : Wealth
Alfred Marshal : Welfare/Material - well being
Pigou : Measuring rod of Money
Lionel Robbins : Choice Making
Paul Samuelson : Production and Consumption
Henry Smith : One’s share in total product
Jacob Viner : What Economist do

Nature of Economics

Economics as a SCIENCE

- Body of knowledge
- Cause and effect relationship
- Has its own methodological apparatus
- Measurement
- Forecast/Predictions

Economics as a Science : but not a PERFECT Science

- Unpredictable behavior of mankind
- No uniform opinions
- Very difficult to make correct predictions
- Measurement by money

Economics as an ART
- Practise of knowledge
- Adding your own creative instinct to it

Central Problem of Economics

What to Produce?
How to Produce?
For Whom to Produce?
Prov for Economics Growth

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