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Heya...
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1 Economics is the subject that tells to utilize the optimum resources in such as manner that the welfare of the society would be possible...
2 Economics is a subject matter that deals with the optimum utilization of the scare resources in such a manner that at micro level one can get maximum satisfaction and at macro level country can get growth as well as welfare...
3 Economics is the science to tends up the GDP growth of the country..
4 Fundamental problems of economics are...
What to produce
How to produce
For whom to produce..
5 Microeconomics is the study of economic issues at a micro or individual level it's importance is that it studies about the personal interest and demand data...
6 Macroeconomic is the study of economic issues taking economy as a whole...
7 Micro _ study of economic issues as per individual...
it is theory of demand and supply..
Macro _ study economic issues taking economy as a whole..
it is called income and employment theory..
9 Utility is the wants satisfying power of a commodity... it's types are totally utility, marginal utility, and average utility...
10 Characterstics of wants are :-
Wants are unlimited
Wants have their alternative uses...
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