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    Everybody know the word ‘Economics’ but do you actually know the meaning of it? Let go through this module on “Basics of Economics”. Economics word is comprised of two different words, ‘eco’ and ‘nomos’ which means home and accounts. Basically, meaning is how we keep our home accounts for the progress of members.

    Economics is the discipline of social science which concerned with production, consumption and distribution of goods and services. Basically it’s the study how an individual, organization or nation used their limited resources to complete the desire of the infinite demand. Economics provide the basic tools to make an efficient system to satisfy the need of the members of the organization or nation. Economics help us to use our limited resources to meet the unlimited demand of the individual or nation in the most efficient manner.
    Classification of economics
    Economics can be classified into two majors:

    1. Microeconomics

    2. Macroeconomics
      Microeconomics and Macroeconomics are not different subject but these are the two different perspective how you look at the economy.
      Microeconomics is the study of decision made by the individual, a single entity or a company to use their resources to meet the demand in efficient manner. It deals with how an individual spend their budget? and, what kind of goods and services is required to meet their need with the use of their limited resources. When we are dealing with a company or business here they will decide how much to buy, sell, produce or even barrow to meet the need of the company.
      Macroeconomics is the study of economy as whole like how a country behaves and their policies affect the economy of the country. It focuses on the entire nation like in microeconomics where individual is priority while in macroeconomics whole nation is priority. Macroeconomics deals with the countries production capacity i.e. how much to produce, how much to export or imports and how an unemployment affects the net GDP of the country. The main focus of macroeconomics is on aggregates needs of the nation and that’s why it is used by the government to make economics and fiscal policies.
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      Economic system
      It is the mechanism of production, distribution and exchange of goods and services within the country. Economic system defines what to produce, how to produce, how much to produce and what happens to the output product.
      There are three major type of economic system:

    3. Capitalist system

    4. Communist system

    5. Mixed economic system
      Capitalist system is that economic system in capital goods are own by the private individual and businesses. It is market driven and also known as the market economy because production of goods and services are depending on the demand and supply of the market. There is less interference of government as compared to other economic system. USA is one the country which uses the capitalist economic system.
      Communist system is type of economic system in which government interference is maximum or government will decide the what product has to be produce and how much to be produce for their citizens. Government or state will decide the production and distribution of the goods and services. In this system capital is not held by private individual while there is communal ownership. USSR now Russia is the 1st country who opt the communist economic system.
      Mixed economic system is that economic system which have both capitalist and communist system perspective for the best use of resources. India uses this approach since its independence.

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