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Introduction To Microeconomics

This document provides an introduction to microeconomics. It defines economics as the science of wealth and how individuals and societies can maximize material welfare through optimal use of scarce resources. The document outlines key concepts in microeconomics including production, distribution, exchange and consumption of wealth. It also distinguishes between positive economics, which describes real-world economies, and normative economics, which makes judgments about how policies should achieve goals. Microeconomics focuses on specific economic units like firms and households, while macroeconomics examines the whole economy and its aggregates.

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DaniyalChattha
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15 views7 pages

Introduction To Microeconomics

This document provides an introduction to microeconomics. It defines economics as the science of wealth and how individuals and societies can maximize material welfare through optimal use of scarce resources. The document outlines key concepts in microeconomics including production, distribution, exchange and consumption of wealth. It also distinguishes between positive economics, which describes real-world economies, and normative economics, which makes judgments about how policies should achieve goals. Microeconomics focuses on specific economic units like firms and households, while macroeconomics examines the whole economy and its aggregates.

Uploaded by

DaniyalChattha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Introduction to

Microeconomics

Definition
Basic Economic Concepts
Economic Models
Scarcity and Choice
Positive vs. Normative Economics
Micro vs. Macro Economics

Economics
Economics is the science of wealth, it
examines
how
individuals
and
societies can maximize their material
welfare through optimum utilization
of their scarce resources which have
alternate uses.

Features

Science of wealth
Micro and Macro Analysis
Scarce Resources
Material welfare

Concepts

Production of Wealth
Distribution of Wealth
Exchange of Wealth
Consumption of Wealth

Scope of Microeconomics
Consumer Behavior
Firm Behavior
Determination of the Prices of Goods
and Services
Distribution of Factor Rewards

Positive vs. Normative


Economics
Positive economics deals with facts
and describes the economy in real
world. It avoids judgments and gives
scientific statements.
Normative economics is concerned
with how the economy should be like
and what policy to should be adopted
to achieve the desirable goals.

Micro vs. Macro Economics


Microeconomics focuses on specific
economic units or very small
segment of the economy for
example; industry, firm and
household.
Macroeconomics examines the
economy as a whole or its
aggregates like households,
government and the business sector.

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