What are the topics in microeconomics?

Common topics are supply and demand, elasticity, opportunity cost, market equilibrium, forms of competition, and profit maximization. Microeconomics should not be confused with macroeconomics, which is the study of economy-wide things such as growth, inflation, and unemployment.

What are the examples of microeconomics issues?

Micro economic problems

• The problem of externalities. The economic problem of pollution.
• Environmental issues.
• Monopoly.
• Inequality/poverty.
• Volatile prices.
• Irrational behaviour.
• Recession.
• Inflation.

What are macroeconomic topics?

Macroeconomists study topics such as GDP, unemployment rates, national income, price indices, output, consumption, unemployment, inflation, saving, investment, energy, international trade, and international finance. Macroeconomics and microeconomics are the two most general fields in economics.

What are the 5 macroeconomic objectives?

A look at the main macroeconomic objectives (economic growth, inflation and unemployment, government borrowing) and possible conflicts between these different macro-economic objectives.

What are the 3 laws of economics?

To discover and elaborate three rules Consumption and Management discovers and elaborates three rules: natural economic law, market regulation law, and the law of macro-economic control.

Who is called economist?

An economist is an expert who studies the relationship between a society’s resources and its production or output. Economists study societies ranging from small, local communities to entire nations and even the global economy.

Who is called Father of Indian economics?

List

Field	Person	Epithet
Politics	B. R. Ambedkar	Father of the Republic of India / Father of Modern India
Politics	Raja Ram Mohan Roy	Father of modern India
Politics	Potti Sreeramulu	Father of Linguistic Democracy
Economics	M.G.Ranade (Mahadev Govind Ranade)	Father of Modern Economics

Who is the first Indian economist?

Amartya Kumar Sen CH

Is called the father of Indian planning?

Sir M Visvesvaraya, a Bharat Ratna recipient, was an engineer, statesman, and a scholar. He served as the Diwan of Mysore during the period of 1912-1918. In 1934, he published a book titled “Planned Economy in India”, in which he presented a constructive draft of the development of India in next ten years.

Who is the father of planning?

Mokshagundam Vishweswaraiah

Which plan is called rolling plan?

The Janta Government terminated the fifth five year plan in 1977-78 and launched its own sixth five year plan for period 1978-83 and called it a Rolling Plan.

Who is the father of five year plan?

Prasanta Chandra Mahalanobis

What is the current 5 year plan?

The Five-Year Plans were laid to rest by the Narendra Modi-led NDA government in 2015. Hence, the 12th five-year plan is considered the last five-year plan of India. The decades-old Five-Year Plans was replaced by a three-year action plan, which will be part of a seven-year strategy paper and a 15-year vision document.

Which five-year plan is now?

6. The decades-old five-year plan is now replaced with the new three-year action plan, which will be a part of the seven-year strategy paper and 15-year vision document. 7. The Niti-Aayog, which replaced the planning commission had launched a three-year action plan on April 1, 2017, which is valid ill 2020.

Are 5 Year Plans good?

A five-year plan can significantly increase the likelihood that you will reach your goals and ultimately achieve the life you want to live. Creating a five-year plan helps you to clarify your goals, ensure that they are specific and measurable and confirm that they are what you really want.

Which five year plan is known as Gandhian plan?

Gandhian Plan: Sriman Narayan Agarwal formulated ‘Gandhian Plan’ in 1944. People Plan: In 1945, yet another plan was formulated by the radical humanist leader M.N. Roy, chairman of the Post-War Reconstruction Committee of Indian Trade Union.

Who introduced people’s plan?

M N Roy

Which five year plan is most successful?

The Sixth Five-Year Plan was a great success to the Indian economy. The target growth rate was 5.2% and the actual growth rate was 5.7%.

Who proposed Bombay Plan?

Known as the Bombay Plan, it was authored by top industrialists such as JRD Tata, GD Birla and Lal Shri Ram. The economists who helped draft the plan were John Mathai (who went on to become the finance minister in Nehru’s cabinet), Ardheshir Dalal, AD Shroff and PS Lokanathan.

What is meant by Bombay Plan?

“The Bombay Plan” is the nickname of a 15-year economic plan for India proposed by a group of industrialists and technocrats in January 1944. the plan’s strategy and methods foreshadowed the official Five Year Plans of independent India launched just a few years later.

Who started first Five Year Plan India?

Prime Minister Jawaharlal Nehru

What is Bombay Plan What is the main objective of Bombay Plan?

Objectives of the Bombay Plan The prime objectives of the plan were to achieve a balanced economy and to raise the standard of living of the masses of the population rapidly by doubling the present per capita income within a period of 15 years from the time the plan goes into operation.