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INTRODUCTION TO ECONOMICS

Economics Combination of two Greek words which means household and management the integrated meaning of this is management of house.

This is the fundamental matter where the needs of every household is endless but the resources for instance food clothes and others have scarcity to fulfill their needs and to satisfy them .

Therefore here people are supposed to select from many things and they have to do this Selection.

The reason they have to make choices because they cannot utilize all resources on each and every want and need so they Have to to select few among many

When there is scarcity of resources people are told to make choices

Hindi sketches people can have confusion that where they want to invest and utilize their resources because they have alternative options and it is difficult that which one to select so he year people must select resources which should satisfied then needs then it will be helpful for their profit maximization as well as for society welfare

In Economics there are also two concepts like non material and material activities and how to study on this .

When there is any analysis for study of efficient and effective distribution as well as utilization of of limited resources this helps to generate economic growth and welfare of society this all is known as economics .

Economics is also a type of study in which how people and the whole society are selecting the use of finances to utilize scare and limited resources which have alternative uses to generate various products for consumption at present or in upcoming future .

The analysis is also being done on expenses and outcomes of of improving sequence and patterns of resource distribution.

When there is the analysis of people the way they maximize their satisfaction and also towards the producers and sellers who optimisms their profits and Society welfare activities by conducting various decisions in respect of distribution of limited resources to fulfill endless needs is called economics .


Ms.Rinal U.Soni

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