ECONOMICS
COMPLETE E-BOOK
UNIT-3
CHAPTER-1
MICROECONOMICS
Microeconomics is the study of individuals, households, and firms’ behavior in decision-making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues. Or simply it is the part of economics concerned with single factors and the effects of individual decisions. Consumer equilibrium, individual income, and savings are examples of microeconomics. The microeconomic study deals with what choices people make, what factors influence their choices, and how their decisions affect the goods markets by affecting the price, the supply and demand. Understanding microeconomics can be useful in many fields, including economics, accounting, and finance. In this article, we explain what microeconomics is, how to use it, and some of its key concepts………….. READ MORE
MACROECONOMICS
The branch of economics is concerned with large-scale or general economic factors, such as interest rates and national productivity. It deals with aggregates. It is concerned with total demand, supply, output, income, and so on. Hence macroeconomics is a study of aggregates and averages. It is the study of the economic system as a whole. It is directly concerned with relations among large aggregate such as national income, general price level, total output, consumption, employment, savings, investment, demand, and supply. These relations indicate the behavior of the economic system as a whole. Macro-economics concerns itself with those aggregates which relate to the whole economy……………..READ MORE
PARALLEL ECONOMY
A parallel economy is the functioning of an unsanctioned sector in the economy whose objectives run opposite to the objectives of the official, sanctioned, or legitimate sector. The parallel economy has political, commercial, legal, industrial, social, and ethical aspects.
The prevalence of black money gives rise to a parallel economy. The term parallel economy is also referred as black economy, unaccounted economy, illegal economy, subterranean economy or unsanctioned economy.
A striking point about parallel economy is that it promotes the type of economic activities where undisclosed income remains hidden to the tax authorities. Usually, conspicuous consumption, real estate, investment in foreign assets, criminal activities, corruptions etc are the typical spending pattern …….READ MORE
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