class 12 economics Meaning of micro economics.
Meaning of micro economics..... Short and easy notes for board exam. #1. What is economic activity? What are its kinds? => Economic activity are those which generate income and provide satisfaction to the human wants. In other word, that activity is economic activity which are related with the use of limited resources to satisfy unlimited human wants. Following are its kinds; Consumption- Consumption are those economic activity which are consumed by the consumer to satisfy his Individual or collective wants. Production- production are those economic activities which are adding the value or price of the goods and services. Exchange- Exchange are those economic activity in which goods and services are bought or sold, and this transaction made in money. It is also known as price determination. Investment- in which production of capital goods, to produce various goods and services in future. #2. "Economics is a positive science or normative science" disc...