Introduction to Econonomics Modified

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micro and macro economics
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  1 INTRODUCTION TO ECONOMICS   D.B.NAIDU   2 KAUTILYA   (350  –  283 BC)   Arthashastra  discusses monetary andfiscal   policies, welfare, international relations,andwar strategies in detail.  Neetishastra   is atreatise on the ideal wayof life, and showsChanakya's in-depth study of the Indian wayof life   3 LIONEL ROBBINS (1898  –  1984)   ―Economics is a Sciencewhich studies humanbehaviour as arelationship betweenends and scarce meanswhich have alternate uses‖    4 DEFINITIONOFMICRO ECONOMICS The term economics, from the Greek  oikonomika, means a science or art of managing the household. In modernusage, it refers to the efficientallocation of scarce resources in theproduction, distribution, andconsumption of goods and services tosatisfy various desires. As a branchof knowledge, economics oreconomic science is the study of howto efficiently use limited resources  —  natural resources (land),labor,capital, and entrepreneurship toachieve maximum satisfaction of human material wants.  
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