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Explain different types of economic activities? |
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Answer» The seven types of economic activities are: 1. Micro Economics: Micro Economics is the study of the economic actions of individuals say households, firms or industries. Micro economics covers:- 1. Value theory [product pricing and factor pricing] 2. Theory of economic welfare. 2. Macro – Economics: 1. Macro economics is the obverse of micro economics. 2. The general theory of employment, Interest and money published by Keynes is the basis of modem macro economics. 3. International Economics: 1. In the modem world, no country can grow in isolation. 2. Every country is having links with the other countries through foreign capital, investment [foreign direct investment] and international trade. 4. Public Economics: 1. Public finance is concerned with the income or revenue raising and expenditure incurring activities. 2. The scope of public finance covers public expenditure, public revenue, public debt and financial administration. 5. Developmental Economics: The development economics, deals with features of developed nations, obstacles for development, .economic and non- economic factors influencing development, various growth models and strategies. 6. Health Economics: 1. Health economics is an area of applied economics. 2. It covers health indicators , preventive and curative measures medical research and education, rural health mission, drug price control, neo – natal care, maternity and child health, budgetary allocation for health. 7. Environmental Economics: 1. Depletion of natural resources stock and pollution result from rapid economic development. 2. Environmental economics is a study of inter disciplinary tools for the problems of ecology, economy and environment. |
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