Lecture-01 What is Economics ?
Micro Economics - IITK・6 minutes read
Dr. Vimal Kumar at IIT Kanpur teaches microeconomics, focusing on allocating scarce resources to fulfill individual wants. Economics covers key terms like resources, scarcity, wants, goods, and bads, including intangible goods like services that can be quantified through thought experiments.
Insights
- Economics focuses on allocating scarce resources to fulfill individual wants, not needs, distinguishing between goods that bring pleasure and bads that cause dissatisfaction.
- Intangible goods, such as services, satisfy needs or provide happiness, and their quantification is achievable through thought experiments, expanding the understanding of economic principles beyond tangible items.
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Recent questions
What is the study of allocating scarce resources?
Economics
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Summary
00:00
"Microeconomics: Allocating Scarce Resources for Individual Wants"
- Dr. Vimal Kumar, an assistant professor at IIT Kanpur, is teaching a microeconomics course.
- Economics is defined as the study of allocating scarce resources to fulfill individual wants, not needs.
- Key terms in economics include resources, wants or desires, scarcity, allocation, and individuals.
- Goods are items that bring pleasure or satisfaction, while bads cause dissatisfaction or unhappiness.
- Intangible goods, known as services, are products that satisfy needs or provide happiness; quantification of intangible goods is possible through thought experiments.
