Chapter 1 Class 6 Economics - Introduction to Economics

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  • Economics is the social science that studies how people make choices to satisfy their unlimited wants and needs with limited resources.

  • Economics helps us to understand how individuals, households, firms, governments and other organizations interact in the market and influence the production, distribution and consumption of goods and services.

  • Economics also helps us to analyze the effects of various policies and events on the economy and society at large.

  • Economics can be divided into two main branches: microeconomics and macroeconomics. 

    • Microeconomics studies the behavior and decisions of individual units, such as consumers, producers, markets, etc.

    • Macroeconomics studies the behavior and performance of the economy as a whole, such as national income, inflation, unemployment, etc.
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Davneet Singh

Davneet Singh has done his B.Tech from Indian Institute of Technology, Kanpur. He has been teaching from the past 14 years. He provides courses for Maths, Science, Social Science, Physics, Chemistry, Computer Science at Teachoo.