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In: Business and Management

Submitted By Matmbewe
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Economic Theory

Untouchability is a sin·
Untouchability is a crime
Untouchability is inhuman

College Road, Chennai- 600 006.


Page No


Nature and Scope ofEconomics


Basic Economic Problems



Theory of Consumer Behaviour



Demand and Supply



Equilibrium Price






Cost and Revenue



Market Structure and Pricing



Marginal Productivity Theory of Distribution


10 Simple Theory oflncome Determination




Monetary Policy

12 Fiscal Policy



Chapter 1

Nature and Scope of Economics
Economics is a social science which deals with human wants and their satisfaction. It is mainly concerned with the way in which a society chooses to employ its scarce resources which have alternative uses, for the production of goods for present and future consumption.
Political economy is another name for economics. “Polis” in Greek means a State. The early writers used the term “Political Economy” for the management of the State. A person who runs a family is expected to make the best use of the income of the household. Similarly, the
State is expected to get the maximum benefit for the society. Hence the term “Political Economy”.
The existence of human wants is the starting point of all economic activity in the world. Unless we make efforts, we cannot satisfy wants.
Hence, wants, efforts and satisfaction form the circle of economics.
We may say economics is the science of wants. But in the real world, the means which satisfy our wants are limited, that is, there is scarcity of the means which satisfy our wants. Time and money are limited. And land, labour and capital which are used in...

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