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CPT Chapter Introduction to Micro Economics

CA CPT Exam  

With Bharat Galani.Duration:3hrs 23min

Introduction to Micro EconomicsDuration (min:sec)
What is Economics? 
Introduction00:57
What is Economics?01:25
Economics Around You15:32
Micro vs. Macro Economics02:11
Study of Micro & Macro Economics08:47
Definition15:13
Summary Definition03:03
Quiz on Definition08:22
Study of Economics 
Science or Art04:17
Why Science10:35
Why Art03:49
Positive & Normative Science04:17
Nature of Study (Inductive & Deductive)06:46
Quiz08:07
Central Problem of Economics 
Central Problem04:06
PPC06:42
How PPC is created07:11
Nature of PPC05:17
Can PPC be a straight line07:08
Does Prod happens only on PPC Curve08:00
Shift of PPC- Outward & Inward11:17
Solutions to Central Problem 
Solutions to Central Economic Problems02:33
Capitalistic16:41
Socialistic12:43
Mixed Economy12:34
Quiz07:33
Conclusion08:18
Total3:23:24

Notes

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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