Q.1 Distinguish between: -
(a) Macro and Micro Economics.
(b) Static and Dynamic Economics. (2002-03, 04-05)
Or. Distinguish between “micro-economics” and “macro economics”. (2003-04)
Ans. (a) Macro Economics: -
Macro economics is concerned with aggregates and average of the entire economy, such as national income, aggregate output total employment, total consumption, savings and investment, aggregate demand, aggregate supply, general level of prices, etc. In other words, in macro-economics, we supply how their aggregates and average of the economy as a whole are determined and what causes fluctuation in them.
Macro-economics deals also with now an economy grows. In other words, it analysis the chief determinates of economics, development and the various stages and processes of economics growth.
Micro Economics: -
The word micro means a millionth part. When we speak of micro economics or the micro approach, what we mean is that it is some small part or component, of the whole economics that we analyzing. For example, we may be studying individual consumers behaviour or that of an individual firm or what happens in any particular industry. If it be an analysis of price, in micro economics units, such as consumers, resource owner and business firms. Micro-economics studies the flow of economics resource owners to business firms and the flow of goods and servos from the business from to households. It studies the compositions of such flows and how the price of goods and services in the flow and determined.
(b) Static Economics: -
By static analysis “ Method of dealing with economic phenomenon that tries to establish relation between elements of the economics system price and quantities of commodities, all of which have the same point of time “ In other words, in economic static we do not study anything about the connection between conditions at various points of time. Thus, static analysis being a timeless analysis economics instantaneous adjustment of the indices. Economic static concern itself with the simultaneous or instantaneous.
In simple words, economic static presuppose that the manner in which an economics with change is the same as it changed the past and will change in the feature.
Dynamic Economic: -
The relation between relevant variables refers to different points of time, economic dynamics is thus a process of change through time. The economic variable may change in two ways; one way is that, through the time element has undergone a change. The economics may not change its pattern and thus the values of the economics variable remain the same. The second way is that the economy may evolve through time and change its pattern so that the economic variables are non-stationary through time.
Prof. J.K. Hicks defines economic dynamic “ as those parts where every quality must be dated. He contents that economics static is concerned with those situations which are perfectly devoid of change and, therefore do not require any relation.
Q.2 “Economic development and any country is closely associated with the science, engineering and technology”. Elaborate this statement and elucidate the role of science, engineering and technology in the economic development. (2002-03)
Or. Clarify the meaning of and difference between the Science, the engineering and the Technology. Also evaluate their impact on the economic development of a country. (2005-06)
Or. Define science, engineering and technology and examine their impact on the economic development of a country. (2007-08)
Ans. Meaning and Nature of science: -
Since is the systematized body of knowledge pertaining to a particular field of enquiry. Such systematized body of knowledge pertaining to a particular field contains concepts, theories and principles which are universal and true. Science has the following features -
(i) Systematized body of knowledge.
(ii) Scientific methods of observation.
(iii) Test of validity and predictability.
(iv) Universal application of principles.
(v) Science is a social institution.
Role of Science and Technology in Economic Development: -
Science and technology have played a vital role in the transformation of human society. They have played allowed us to use the resources of the earth, the oceans and the air, and to harness the energy which makes the wheel of production or of transport to move, and communication to take place.
A look into the history of mankind tells us that science was being put to practical use, consciously or unconsciously, through the century, that the industrial revolution. In Britain showed what a profound effect advances in technology can have on everyday life. The harnessing of every gane a boots to industrialization. The Industrial Revolution in Britain triggered off similar revolutions in various other countries, and the resultant economics progress of these countries has encouraged the remaining ones to take up rapid industrialization.
The dominating feature of the contemporary world is the intense cultivation of science on a large scale, and its application to meet country’s requirements. It is only through the scientific approach and method and the use of scientific knowledge that reasonable material and cultural amenities and services can be provided for every member of the community.
Science and technology have totally transformed life from what it was the beginning of the last country, when there were no cars, buses or aero plans, and when medicine and surgery had not advanced to raise human life expectancy to over 50 or 60 years. This has been possible through growth of scientific knowledge, and related skills, as also by the organisation of the production of numerous goods. As the scientific policy Resolution (adopted by the government in 1985) say, such high levels of production of the basic material needed for a reasonable standard of living for all, have made it possible to think of a “ Well fare State” which involves management of distribution of good so that every one can benefit from them. One aspect of the development of sciences and technology is fuller utilization of the wealth or resource with which a country has been endowed without science and technology, neither could electricity be generated from the water running in our rivers, nor could the all resources buried deep under Land or sea be tapped nor even could our books and newspaper be printed on the paper obtained from the forests that we have science provides the key for unlocking the wealth of our natural / resources.
Q.3 Under line the role of technology in the economic development of a country. (2003-04)
Or. Critically evaluate the impact of technology on the economic development of any country. (2004-05)
Ans. Technology have played a vital role in the transformation of human society. They have asllowed us to use the resources of the earth, the oceans and the air, and to harness the energy which make the wheel of production of transport to move, and communication to take place.
Technology have totally transformed life from what it was the beginning of the last, century, when there was no cars, buses or aero planes and when medicine and surgery had not advanced to raise human life expectancy to over 50 or 60 years. This has been possible through of technology and related skill as also by the production of numerous goods.
Without the help of technology, we shall not be able to produce enough goods for our needs. For example we all know that with the help of tractor a farmer can plough for more land then he can with the help of axon. Mechanization increase the area of ploughed land thus improves a human productivity.
Open aspect of the development of technology is faller utilization of the wealth of resources with which a country has been endowed. Without science and technology neither could electricity be generated from water running in our rivers, nor could the oil resources buried deep under land or see be tapped, nor even could books and newspapers be printed on the paper obtained from the forests that we have technology provides the key for unlocking the wealth of our natural resources.
Q.4. Explain the underlying ‘concept of economics’ and elaborate its scope and significance in present context. (2003-04)
Ans. According to Samuels on remarked “ logically, there is nothing fundamental about the traditional boundaries of economics science”. It is no necessary to formulate any strict definition of economics. We may accept any definition of economics if it concerns itself with the following points-
(i) Economics is a social science concerned with the activities of human being in organized socities.
(ii) Economics is primarily concerned with those activities, which are related to with getting and welth using.
(iii) Economics is fundamentally a study of security and of the problems to which scarcity gives rise.
(iv) Economics is a study of human welfare.
Slope of Economics: -
Stonier and havgue have divided the subject –matter of economics into three categories as discussed below-
(i) Economics Theory: -
is a theoretical part of economics. If frames economics theories and forges economics tools. It is divided into static and dynamic economics. It is also known as economics analysis.
(ii) Applied Economics: -
Attempts to apply the results of economics analysis to descriptive economics.
(iii) Descriptive Economics: -
In descriptive economics is relevant facts about a particular economics subject or topic are collected for the purpose of study. The subject Indian economics is the example of descriptive economics.
Significance of Economics: -
Economics is useful not only to individuals but also to business firms and the society as a whole. Economics provides certain tools which can be used for solving various business problems knowledge of economics is useful in almost all sphere of life. It helps a businessman in his various decisions with regard to price, quantity, cost size etc. It helps a policy maker in formulating appropriate policies for the economy and it even helps a house wife in budgeting her finances. However, economies is merely a tool in the hands of users. It only widens and depends the understanding of functioning of various forces.