Page 8 - DECO401_MICROECONOMIC_THEORY_ENGLISH
P. 8

Pavitar Parkash Singh, Lovely Professional University                Unit-1: Introduction to Microeconomics



                                                                                                     Notes
                        Unit-1: Introduction to Microeconomics








               CONTENTS

               Objectives
               Introduction

                 1.1   Microeconomics

                 1.2   Macroeconomics
                 1.3   Distinction between Microeconomics and Macroeconomics

                 1.4   Problems of Interrelation and Integration of the Two Approaches
                 1.5   Summary

                 1.6   Keywords
                 1.7   Review Questions

                 1.8   Further Readings


            Objectives

            After studying this unit, students will be able to:
              •  Know about Microeconomics.

              •  Study Macroeconomics.
              •  Explain the importance of Microeconomics.
              •  Discuss the problems related to Micro and Macroeconomics.



            Introduction

            Microeconomics  and Macroeconomics are two ways of analyzing  the Economic  problems. First
            is related to study of economic individuality while the  second is related to study of the  whole
            economical conditions. Ranger Frisch was the first person who used the Micro and Macro words in
            Economics in 1933.


                 Example:We  study  the  co-relation  of  individual  families,  individual  firms  and  individual
            industries in Microeconomics.







                                             LOVELY PROFESSIONAL UNIVERSITY                                     1
   3   4   5   6   7   8   9   10   11   12   13