ECONOMICS (CLASSIFICATION OF ECONOMICS & )(UNEMPLOYMENT)

Economics
*The word Economics is derived from Greece which means managing household.

*We study Economics for best utilisation of Limited resource.

Father of Economics =Adam Smith

*Adam Smith says: Economics is a wealth.
*Marshall says Economics is a welfare
*Samuelson says Economics is a growth 
*Robinson says Economics is a scarcity

Father of microeconomics is Adam Smith
Father of macroeconomics is keynes

*Micro and macro derived by Ragner frisch.

*First Nobel prize in 1969 to Ragner frisch and Jantinbergen.

*First individual Nobel Prize =1970(Paul samuelson)..

*Nobel Prize=1901(Alfred Nobel के याद में देना सुरु हुआ ).

Nobel Prize distribute in field

*Economics
*Physics
*Chemistry
*Medicine
*Literature
*Peace=Oslo(Norway)

Micro=(individual level)
Macro=(Whole level)

Classification of economy

*On the basis of development.
*On the basis of trade.
*On the basis of control.
*On the basis of level.


On the basis of development

*Development economy .(high PCI and high living standard).

*Developing economic .(development has started increasing PCI and living standard).

*Under developed( low PC and low living standard).

On the basis of trade

*Open Economic (free trade with reset of world).
*Closed economy( no trade with rest of world ,self sufficient economic ,GNP= GDP).

On Basis of control

*Capital economy.
*Socialist economy.
* Mixed economy.

On Bases of Level
*Micro level.
*Macro level.

PPP=PURCHASING POWER PARITY (GUSTAV CASSEL)
PUBLIC PRIVATE PARTNERSHIP.

Capitalist economy

1. It is profit oriented economy.
2. Market is regulated by private sector.
3. No control of government.
4. Full competition and elasticity in market.
5. Market mechanism price(Australia Britain America etc ).

Socialist economy

1. It is welfare oriented economy.

2. Market is regulated by government sector.
3. Less competition and less elasticity in market.
4. Administrative mechanism price (China Russia Cuba Korea).

Mixed economy

1. when market is regulated by public and private sector.
2. Relative competition and elasticity in market.
3. Mixed mechanism price( India Norway Sweden).

Sectors of economy
1. Private sector 10%GDP.
2. Secondary sector 30%GDP
3. Tertiary sector 60%GDP

*PRIMARY SECTOR

WHEN WE GET PRODUCT DIRECTLY FROM NATURE LIKE:: (AGRICULTURAL GOOD FISHING COIL CRUDE OIL.)

*Secondary sector

 When we get raw material from nature and transfer it into consumable goods through machineries ;Like ;pen, copy ,fan etc.

*Tertiary sector

This sector provides services for final consumption like::; transportation communication banking insurance.

Economic reform policy =1991

*PM-PV NARASIMHA RAO
*FM-MANMOHAN SINGH

LPG MODEL

L::LIBERALISATION
P:: PRIVATISATION
G::GLOBALISATION

*Liberalisation

when government liberalised licensing system for foreign investment.

*Privatisation

When government encourage private sector for investment.

*Globalisation
When government allowed free international trade.

AMARTYA SEN:: HUMAN WELFARE
1998:: NOBEL PRIZE
1999:: BHARAT BHARA

WELFARE=PER CAPITAL INCOME (1-INEQUALITY)
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UNEMPLOYMENT

WHEN WORKING AGE OF PERSON WANT  TO DO JOB BUT NOT ABLE TO GET JOB.

TYPES::VOLUNTARY UNEMPLOYMENT & INVOLUNTARY UNEMPLOYMENT.

VOLUNTARY UNEMPLOYMENT
When person do not want to job due to less salary or personal problem even job is available is called voluntary unemployment.

INVOLUNTARY UNEMPLOYMENT

When person want to do job and ready to do job on lowest salary and wages but not able to get job is called involuntary unemployment.
............................................................................

CYCLIC UNEMPLOYMENT

IT IS OCCURRED DUE TO RECESSION IN WHICH AGGREGATE DEMAND AND SUPPLY DECREASE DUE TO LACK OF MONEY WHICH INCREASE HIGH UNEMPLOYMENT.

FRICTIONAL UNEMPLOYMENT

It is short term unemployment which is occurred between living old job and getting new job.

INDIVIDUAL UNEMPLOYMENT

It is long term unemployment which is occur due to changes in structure of working( when person skin become inadequate or an productive).

EDUCATIONAL UNEMPLOYMENT

When educated person do not get job or do not get job according to their capability.

SEASONAL UNEMPLOYMENT
When person get unemployment in one season and Gmail unemployed in next season.

UNDER UNEMPLOYMENT

When person do not contribute according to their capability or when marginal productivity of person become zero.
"Supply creates its own demand:: JB says .."

"Unemployment can be removed by increasing investment :: Keyens."

"Unemployment can be removed by changing in supply of money ::Milton."



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