Points To Remember in Economics

Here are some points from all the chapter which need to be aware while we study economics.

Chapter – 1

1. Critic: One who criticizes another’s concept.
2. Economic analysis: The analysis which relates to economic activities and policies of an economy.
3. Economic decision: The decision which is guided by economic matters.
4. Economic men: Those human beings who have only one target of earning wealth in their lives.
5. Factor pricing: Method which deals with the price determination of factors of production in terms of rent, wage, interest, and profit.
6. Human science: The science that deals with human activities and behaviour.
7. Macroeconomics: The study of economics that deals with aggregate issues.
8. Material welfare: Satisfaction that can be derived from the consumption of material items
9. Microeconomics: The study of economics that deals with individual issues.
10. Modern period: The period from 1932 and onwards in the history of economics
11. Monetary stability: The economic system where money and banking activities are run smoothly.
12. Neo-classical period: The period from 1890 to 1932 in the history of economics,
13. Non-material welfare: Satisfaction that can be derived from the consumption of non-material items.
14. Normative economics: The branch of economics that deals with what ought to be
15. Policy formulation: The way of making policy in an economy.
16. Positive economics: The branch of economics that studies about cause and effect on any economic issue.
17. Product pricing: The method which deals with the price determination of a product
18. Scope: Total area to be covered in an observation
19. Social science: The science which studies human activities related to social issues.
20. Subject matter of economics: The aggregate issues that economics studies.
21. Theory of distribution: The theory of economics related to the distribution of goods and services,

Chapter 2: