L1: Introduction to Economics|MACRO|MICRO|Keynesian Economics|Economics for UPSC IAS Prelims |

Summary :
This lecture series would be covering basic of Macro economics . Our focus is to cover concepts of NCERT 12th Macroeconomics which is really important for UPSC prelims. Hope you like the course!

Economics is about making choices. How much should I spend on gas?
What’s the best route to work? Where should we go for dinner?
It is not all about money. It is about weighing different choices or alternatives Produce,Stock,Distribute, Trade Facilitate consumption.
MACRO Economics:
Takes in to account Country as a whole. Entire economy of nation , world etc . Interlinks different sectors. National income , economic growth , inflation and poverty. In 1930 Keynes developed it during depression.

Micro Economics:
It is Individual specific . Concerns the Particular market segment.
Like Consumer behaviour , supply and demand related to individual preference.

Economic Agents :Institutions or individuals which take economic decision
Producers ,Consumers ,Governments ,Corporations ,Banks

Expansion Phase: Prosperity, Boom, Upswing of economy
Recession Phase : from peak prosperity to moving downwards. Usually evident from continuous negative growth rate for two successive quarters (=6 months). E.g. USA 2007-09 in the aftermath of Subprime crisis
Depression Phase: Severe and long lasting Recession e.g. USA 1929-39 in the aftermath of stock market crash. It resulted in great fall in GDP, income, employment, industrial production, and wholesale-retail sales.
Recovery Phase: from recession / depression towards prosperity

Keynesian Economics :
Macroeconomic theory of total spending in the economy & its effects on output employment, and inflation.Developed during great depression 1929 and is a "demand-side" theory. It Advocated for increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression.
Classical tradition earlier = All laborers who are ready to Work will find employment & all factories would be working At full capacity

Time Stamps :
00:26 Introduction
06:28 Macro & Micro Economics
14:18 Economic Agents
17:29 Depression and Recession
23:32 Keynesian Economics

Join our telegram channel for free UPSC material and instant updates:
https://t.me/thelaymanway
Sign up for a FREE download of Physical Geography material: https://bit.ly/3sMvCfj
Subscribe: https://bit.ly/2Y8hsa3
Economic survey and budget 2021full playlist for : https://bit.ly/2YuX6bg
Fundamentals of Physical Geography full playlist : https://bit.ly/39Xm7RH
How to clear UPSC prelims in5 months Playlist : https://bit.ly/3cef5L8
Government Schemes for UPSC playlist : https://bit.ly/36A2pKU
Economics for UPSC Prelims Playlist : https://bit.ly/3kgEohO
Become a Patreon: https://www.patreon.com/thelaymanway
Website : thelaymanway.com
Send your business enquires at "queries@thelaymanway.com"

My recording equipment:
MacBook: https://www.apple.com/in/macbook-air/

#Economics #IAS #UPSC #Studyforcivilservices #IASmotivationalvideo #UPSClecture #UPSCpreparation #WifistudyUPSC #UPSCmotivationalvideos #iasmotivation #EconomyforUPSC #IASpreparation #IAScoachingonline #civilservicesstudy #Economicsonyourtips #Economicsclass11 #moneyandcreditclass10economics #economicsforssccgl #nationalincomeeconomics #indianeconomy #economy #mrunaleconomy

Видео L1: Introduction to Economics|MACRO|MICRO|Keynesian Economics|Economics for UPSC IAS Prelims | канала The Layman Way