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Introduction to Microeconomics
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This lesson gives the learners a brief idea about the basics of Microeconomics.

Arpita Prakash
NCERTs series initiator at Unacademy 'Educator of the Month' for Feb'19 CBSE 0.1% Merit Certificate holder in Mathematics

U
Unacademy user
thanksmam ....but wheres your further classes of this book...😐😐
Great explanation......thanks a lot for making course of economic.....
Ma'am, what about the Part 1- Microeconomics. Macroeconomics is Part 2. plz correct me if idk. Ty
Arpita Prakash
9 months ago
Yes...but Microeconomics isn't that imp from exam's perspective
Arpita Prakash
8 months ago
Check this video and all other previous videos on note making https://youtu.be/0e1BKbKOmeU Thanks
Pk
Ma'am from where to get PDF format of your courses....any subscription available for it?
  1. Microeconomics and Macroeconomics Two broad branches of Economics Microeconomics o Study of behaviour of individual economic agents ['Micro' (small) economic agents) in the markets for different goods and services - Economic units/ agents- individuals or institutions taking economic decisions Consumers deciding what and how much to consume, or Producers of goods and services deciding what and how much to produce, or Entities like government, corporation, banks taking different economic decisions like how much to spend, internet rate, how much to tax etc o To know how prices and quantities of goods and services are determined through the interaction of individuals in these markets o Study of individual markets of demand and supply; and players or decision makers were also individuals (buyers/ sellers/ companies) seen as trying to maximise their profits (as producers/ sellers) and their personal satisfaction or welfare levels ( as consumers)


  2. Macroeconomics- o Understanding situations facing the economy as a whole o Attention on aggregate measures like total output, employment and aggregate price level o To know how the levels of these aggregate measures are determined and how their level changes over time o Decision makers (or 'players' ) in macroeconomics- State itself or statutory bodies like o Decisions are for welfare of country and it's people as a whole and not aimed at serving o Some important questions: RBI, SEBI and similar institutions individual self interests -Level of total output in Economy - Determination of total output- how? - Growth of total output over time- how? - Reasons behind unemployment of resources ( eg Labour) - Reasons for price rise Microeconomics (study of different markets) and Macroeconomics (study of behaviour of aggregate or macro measures of performance of economy)


  3. Content of Book ( Introduction to Microeconomics) Class 12 NCERT) o Deals with behaviour of individual consumers and producers of a single commodity and analysis of how the price and quantity is determined in the market for a single commodity o Chapter 1- Introduction o Chapter 2- Study of consumer's behaviour o Chapter 3- Basic ideas of production and cost o Chapter 4- Study of Producer's behaviour o Chapter 5- Determination of price and quantity in a perfectly competitive market for a commodity o Chapter 6- Some other forms of market