Lec-1 || Basics of ECONOMICS || Finance Account Assistant II #JKSSB

***Important Points to Remember ***

1. Economics is a social science concerned with the production, distribution, and consumption of goods and services.

1a. Economics studies behaviour in the production exchange and use of goods and services.
1b. Goods are physical commodities such as chickens, breads and apples. Services are activities such as food delivery , banking services , education and so on, consumed or enjoyed only at the instant they are produced.

2. Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.

3. The founding of modern Western economics occurred much later, generally credited to the publication of Scottish philosopher “Adam Smith's “ 1776 book, “An Inquiry Into the Nature and Causes of the Wealth of Nations.”
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