Unit 1 - Basic Concepts of Economics
Introduction to Economics Economics has been taken as a most important knowledge in human life from the very beginning of human civilization. The thoughts on economics found in different eastern and western philosophies, Greek and Hindu literatures, etc. prove this fact. The term Economics has been derived from the ancient Greek word "Oeconomicus" which in economics is related to the study of household management or rules of household. Thus, economics means to manage household affairs with limited fund available in the most economic manner possible. Indeed, each individual household's success or betterment depends mainly on its ability to make wise economic decisions while being involved in different economic activities.
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