62 A1 Economy Introduction to Basic Concepts 24Mar

 Qts1 What is Micro economy

Ans: Micro Economics: It examines the behavior of basic elements in the economy, including individual agents (such as households and firms or as buyers and sellers) and market and their interaction.


Qts2 What is  Macro Economics 

 Macro Economics : It studies the economy as a whole and its features like national income, unemployment, poverty, balance of payments and inflation.


Qts3 What is Economy

 It is the state of a country or region in terms of the production and consumption of goods and services and the supply of money.


Qts4 What is Open Economy

Open Economy: It refers to a market- economy, which is generally free from trade barriers and where a country will conduct trade with outside regions.


Qts5 What is Closed Economy

Closed Economy: An economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out.


Qts6 What is Primary sector

 Primary Sector: This sector includes all those economic activities where there is the direct use of natural resources as agriculture, forestry, minerals, etc.


Qts7 What is Secondary Sector

 Secondary Sector : This sector is called as manufacturing sector which uses the output of the primary sector as its raw materials. such as electricity, automobiles, textiles, construction, etc. 


Qts8. What is Tertiary Sector

 Tertiary Sector: In this sector different services are produced such as business, transport, telecommunication, banking, insurance, real estate, community and personnel services.


Qts9 What is Capitalistic Economy

  1. Also known as Private Enterprise system or Free Enterprise system or Market Economy. This type of economic system is favoured by Adam Smith (Scottish Economist) through his book "Wealth of Nations (1776)".
  2. In this system, a large part of the economic activities are decided by private enterprises system.
  3. It emphasized on (i) Need of competition in the market and (ii) Environment of Laissez faire (non-interference by the government).

Qts10 What is State Economy

  1.  Also known as Centralized Economy, Centrally Planned Economy, Non-Market Economy, Command Economy.
  2. Advocated by Karl Marx (German Philosopher). In this system, a large part of the economic system where decision related to production, supply and prices were all suggested and decided by the state only, that is, controlled by centralized power, often, á federal government.


Qts11 What is  Mixed Economy

  1. A mixed economic system (Dual Economy) is a combination of both market and command economy.
  2.  In this type of economic system, the market is more or less free of government ownership except for a few key areas.
  3.  Advocated by John Maynard Keynes (British) in his famous work, "The General Theory of Employment, Interest and Money (1936)."

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