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Economics As A Discipline (for UPSC CSE)
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This lesson throws light on the phrase 'Economics as a discipline' and what does it actually mean. This lesson takes one back to the origin of Economics as a discipline and the further understanding of economics. It further explains the two branches of Economics: Microeconomics and Macroeconomics and what questions one can answer related to economy after studying these branches.

Ayussh Sanghi is teaching live on Unacademy Plus

Ayussh Sanghi
Passionate Educator - CSE / Other Govt Exams [Peep into my Unacademy Plus Courses & experience awesome learning.]

U
Unacademy user
thank you so much sir
right from the school the term economics used to frighten me and the marks on this particular paper used to give me sleepless nights...but today after 4 yrs, I just out of sheer curiosity opened the channel and what I found was something beyond I could ever imagine...the short, precise and accurate information and the way of your teaching just made me gain interest in the subject... thanks a lot sir, after so many years I feel I could actually overcome this phobia of dealing the economy and be able to make the 'right choices'...👍👍👍
Macro meaning large in Greek clarifies the idea that macro economics relates to aggregated data in an economy . It deals in totality viz. total investment, total production , total consumption ,total employment , total imports and exports of a country etc. It not only helps in understanding the cause of sudden booms and slumps in the short run but also helps us in understanding the long term growth rate of the economy . On the other , micro means small in Greek so obviously micro economics is related to disaggregated data .It is concerned with the decision-making of individuals ,households, firms, a specific industry etc. which combine altogether to form an economy .
Prajwal R
2 years ago
tq for this information
Micro Economics :- economics at individual level of either firm, industry or individual Macro Economics :- economics at an aggregate level of various individuals whether firms, industries or individuals
answer of "difference between micro & macro" most common difference i got from this lesson is that micro deals only with individual behaviour whereas the macro deals with total area's behaviour. m i right?
I guess you are...micro means small (a tree) whereas macro is in totality (forest)...it is only when we gather the micro we are able to get the macro!
Economics can be basically classified in two groups.. Micro economics and macro economics.. MICRO ECONOMICS.. 1) study the factors of economics at an individual level.. 2) it considers the input output of a particular unit.. 3) example- the way of teaching by a teacher.. MACRO ECONOMICS.. 1) Study the factors of economics together for all the individuals.. 2) it analyse the input output and all other factors together for all the individual unit (a wholesome) 3) example- the way of teaching adopted by teacher.. the impact it has on the students.. overall result the student is bringing.. etc..
  1. INTRODUCTION TO INDIAN ECONOMY 1.2 ECONOMICS AS A DISCIPLINE PRESENTED BY AYUSSH SANGHI


  2. ABOUT ME Passionate about Teaching >Taught at most reputed Civil Services Institutes >CA, Lawyer Follow me on: https://unacademy.in/user/ AyusshSanghi


  3. ECONOMICS AS A DISCIPLINE O Never consider Economics as a burden which scares you. Don't have the following notions that we have to do just this: Inflation Stock Market Unemployment Growth etc. Trust me this is not the end of it. This can be a little mind boggling but if we approach it in a disciplined way we would be able to understand most of the things.


  4. ORIGIN OF ECONOMICS AS A DISCIPLINE Most of the people had the above questions in mind and were not able to get answers for the same. o Most of the 19th century philosophers wanted to get the answer to a simple questions like" o "Why are some people rich and others poor? "Is it fair?" o When these questions regarded segregated thinking the discipline of economics was born.


  5. UNDERSTANDING ECONOMICS Most practical way of understanding economics is to branch it out into: Micro Economics Macro Economics


  6. WHAT IS MICRO-ECONOMICS? o It deals with the functioning of: individual, households O industries, firms O and the behaviour of above-mentioned individual economic decision making units. o Firm's choices about what to produce and how much to charge, and households' choices about what and how much to buy, helps to explain why the economy produces the things it


  7. WHAT IS MICRO-ECONOMICS? o Through Micro-Economics one can answer questions like: Why are some people rich than others? Why is there poverty? Who is considered to be poor? Why some jobs pay more than others?


  8. WHAT IS MACRO-ECONOMICS? o It is the study of aggregates. o Instead of understanding what determines the output of at individual level: single firm or industry or the consumption patterns of a single household or o a group of households, o macroeconomics examines the factors that determine national output, national product.


  9. CONCLUSION We can conclude from the above: Microeconomics studies the individual unit household, firm, and industry. It sees and examines the "trees." Macroeconomics looks at the whole. It sees and analyses the "forest."