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Session 1

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  Introduction to Economics  Economics  The subject of Economics can be divided into two main branches: Microeconomics and Macroeconomics  Microeconomics deals with the behaviour of individual economic units  These units include consumers, workers, investors, owners of land, business firms  Scarcity and Efficiency  The Classical definition of Economics has been given by Lionel Robbins who says that, ‘‘Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses .”  Thus, Economics involves studying the most optimum allocation of scarce resources among competing wants  Microeconomics  Microeconomics explains how and why units make economic decisions  It explains how consumers make buying decisions and how price and income affects their decisions  It also explains the hiring decisions of firms  Microeconomics also explains how firms interact with each other to form larger units
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