Microeconomics , Business Economics Chapter-1.Introduction to economics 11 Std Economics Paper (New Syllabus 2019), C.A, CPT class as well as this lecturer is also meant for the Subjects & Chapters related to Commerce & Management Part-1 English Version. Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 10 minute, lecturer on Chapter - 1,Introduction to Economics, the Lecturer Ccontents are 1. Basic Concept of Economics, Social Science and Definition of Economics in Different Era.

Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 10 minute, lecturer on Introduction to Economics, Social Science and Definition of Economics in Different Era. Students are advised to watch the entire lecture for better understanding. If there’s any doubt or confusion, please comment below or contract me on my WatsApp 916303481790 or Email: isamdani786@gmail.com.You are unable to find any video on YouTube you can watch this videos on my block https://isamdani786.blogspot.com. In the present video an attempt is made understand the Introduction to Economics, Social Science and Definition of Economics in Different Era. Based on practical template for understanding the economy, which I developed over the course of my career, the video breaks down economic concepts like Introduction to Economics, Social Science and Definition of Economics in Different Era allowing viewers to learn the meaning of Economics and Definition of Economics . First chapter of class 11 is basic concepts of economics. If you look around yourself you can find out many scientific inventions and scientific discoveries. First we will see what science is. Science is nothing but the systematic body of knowledge. Science has two types first is natural science and social science. Natural science has laws which is accepted universally. it means it is accepted by all human being without any doubt and it is verifiable by different scientific methods. This laws can be validate, and can be tested in laborites, and this laws can be proved in laborites when we study science we test the laws in labs for example chemistry laws, physics laws are universally accepted as the natural science laws. We call Natural science as exact science because its approach is empirical in nature. Empirical approach means on which we use the scientific method to observed and test in lab. We can proved it scientifically. Natural science in exact science in which we use empirical approach to study physic chemistry and mathematics are natural science. Now we study social science. Social science is also call as abstract science or behavior science. Because social science study human behavior. To study human behavior we don’t have such laws. Social science laws are not universal and this laws cannot be tested because it is not empirical in nature. For example in psychology or sociology we study human behavior which cannot be tested in lab but it’s a study. For example in sociology we study social aspect and social behavior of human being. When we study the Social aspect of human being we call this study as sociology. Why we study social science and why we need to understand the relation of social science with economic. Economics is a social science. the word economic has been drive from the Greek word “okionomia” which means household of management. Foe example we have finance of our household which we manage with the given resources or limited income to satisfy our unlimited wants. Economy is call queen of social sciences by Professor Samuelsson. Because economics study the economic behavior of human being. Here economic behavior means its study how human being spend their limit resources means income in such a manner that it satisfied all their unlimited wants. When we study this aspect of human being we call it economics. Now we will look at our ancient history. In ancient history of India Kautilya was one of the famous personality he was the statement, philosopher, economics and political advisor in the Court of Gupta Empire. He is also known as Chanakya. He wrote the treaties Arthashastra basically it is a political treaty of ancient history. What is the meaning of Arthashastra here the word Artha means wealth and Shatra means science. Therefore Arthashastra means science of wealth. Basically it’s a science of managing and acquiring of wealth means how state should to collect revenue and manage it. This what Arthashastra Now we will discuss the key point and views of Kautilya ’s which he gave in his book Arthashastra. He wrote that state and government play an important role or crucial role in managing and acquiring the wealth. As per him it’s a state to focus on how to gather and create more and more wealth. What will happen if state gather and create wealth with this state can promote social welfare. Therefore state focus on the creation of wealth to ensure welfare of the state. Kautilya also said that for good governance we need an effective administrative machinery. Effective administration machinery means government should have proper structure of administration when we have proper structure of administration then only we have proper governance. Then in his book Arthashastra he complied the lot of political ideas. So this are the key economics idea written by Kautilya in Arthashastra. Hope you are able to follow this. Now we will discuss the definition of economics. Economics has three important era first is classic second one is neo classic and third one is modern era. First we will discuss the classic era in this era the first definition of economics was given by Adam smith whome we also call the father of economics. His approach was based on wealth oriented definition of economics. He made lot of contribution in economics but the main contribution was his famous book “wealth of nation” or “An Enquiry into the Nature and Causes of Wealth of Nations,” which he published in 1776 in this book he gave a very first definition of economics. Now we will see how Adam smith define economics as per him “economics as a science of wealth”. Just now we discuss what is science exactly means and what social science means. If we see from the science point of view Adam smith call economics as a science of wealth. Because Economics is concerned with an enquiry into the nature and cause of wealth of nations, and it related to the laws of production, exchange, distribution and consumption of wealth. His definition key points are first is laissez fair economy means free market economy. free market economy is an economic system in which transactions between private groups of people are free from or almost free from any form of economic interventionism of government such as regulation and subsidies. The individual is the basic unit in society and has a natural right to freedom. Next point tin Adam Smith definition is wealth accumulation is simply means building up your net worth and wealth over period of time it have many benefits and he believe that nature law of economics affairs. Because nature laws are not man made laws. One can’t depend on manmade laws basically man made laws are created by man for his own benefit or for the benefit of society every on in society see one or other befit. As per Adam smith nature laws are loyal and modest and it never see their own benefit they are ebullient for all. In the last he discuss the point division of labour as an aspect of growth theory. We know that Adam Smith is expert of his field and every person of this world is expertise in one or other field and goods and services are available for all the people and almost all the people use the good and service. With our specialization we can create goods or service with which our growth will take place. Because of this reason Adam smith added the division aspect in growth theory is the main point of classical approach. Hope you understand the classical era definition of economics Now we will discuss the neo classical era here we have Professor Alfred Marshal he was neo classical economics. Professor Marshal gave Welfare Oriented Definition of Economics as Adam Smith had gave the Wealth Definition of Economics. Marshall publish his book “Principal of Economics” in 1890 in his work principal of Economics, he gave his definition of economics he said “Economics is the study of mankind in ordinary business of life it examine that part of individual and social action which is closely connected with attainment and use of material requirement of wellbeing”. His definition key point is economic is study of mankind or human being in ordinary life and examine that part of individual in social action which is closely connected. Here we examine how the individual perform act with in the society because economic is a behavior science and in economics we examine the human behavior to attain the material welfare. Economic is the study of material welfare mean how to utilized the goods it’s a requisite wellbeing means economic is not simply the study of wealth at the same time it is also study of welfare of human being. Economic is the study of martial welfare means in economics we study not only wealth but also what are the way through which welfare of human being will be possible. So this the definition of Alfred Marshal hope you understand this. Next we discuss the modern era definition of economics. Modern era popular economist was Lionel Robbins he gave scarcity oriented definition of economics in his book “an easy on nature and significant of economics” which he publish in 1932. In his book he gave the definition of economics as per him “economic is the science which study human behavior as a relationship between ends and scare means which have alternative use” here ends means wants and relation to scare means resources which are limited or income which is limited and it have alternative used. Means resources have alternative uses but at the same time our want are unlimited means our wishes are unlimited there is no lime for it. In the comparison of wants our resources are limited. As per the priority of our wants can be grade as per our need its depends on urgent need and less urgent need. For urgent need we give preference and less urgent need can be delay. he also said that means have alternative uses this means that our resource has alternative use by nature for example water we can use water to drink or to wash cloth or to take a bath or we can generate electricity. Therefore resource have alternative uses. Today we discuss introduction to economics after this we discuss social science then we discuss definition of economics in three different era. Next lecture will be on branches of economics.