[0:04]Hello students, welcome back to the channel. 12th Economics, in the first video, I, Prasad Sir, welcome all of you to the Big Bull Batch's first video. Which we are also going to upload on YouTube for all our Big Bull Batch students, as well as for YouTube students, so that they understand. What is taught in the DA2 Academy's Big Bull Batch, which has been recently launched, and how it is taught. All right, so without wasting any time, we are going to start today's video. Look, in 12th Economics, the very first chapter is Introduction to Micro and Macro Economics. That means, introduction to Microeconomics and Macroeconomics. In today's class, we just need to see the difference. What is Microeconomics and what is Macroeconomics? By the end of this video, maximum of you will know exactly what Microeconomics is and what Macroeconomics is. We will come from history to here, to know what statements economists have made about Microeconomics and Macroeconomics.
[1:10]And what exactly economists have said about Macroeconomics and what they have stated in this video. The sole purpose of this video is to clarify your concept about it. All right, so without wasting any time, let's start today's class quickly. First of all, check, modern economics has two main branches: Microeconomics and Macroeconomics. Look, our economics is divided into two separate divisions. The first division is Microeconomics, which is also called Microeconomics. And the next is Macroeconomics, which is also called Macroeconomics. Right, now what is Micro, like a micro SIM card, micro Xerox, meaning small things. What is Macro? On a large scale, in large quantities. All right, so there is one economics whose name is Microeconomics, which is called Microeconomics. The second is Macroeconomics, which is called Macroeconomics. Now, where do these two words, micro or macro, come from? This term 'micro' comes from the Greek word 'Mikros', and 'macroeconomics' comes from the Greek word 'Makros'. So much basic information you all know. That the Microeconomics comes from the word Mikros, and the Macroeconomics comes from the Greek word Makros. Here, the name of an economist has been given to you. In 1933, Norwegian economist Ragnar Frisch of Oslo University, look, in 1933, an economist at Oslo University, Ragnar Frisch, divided these two words.
[3:07]Right, he said that economics should be divided into two parts. One should be named Microeconomics and the other Macroeconomics. Now, when did this happen? 1933. Now, let's go before 1933, to know what exactly happened. Which is exclusively available in our notes for Big Bull Batch students. In those notes, we tell all the things in depth, including photos, okay? Let's check first of all. Here, I will introduce another economist. Those of you who have watched my 11th Commerce or 11th Economics videos know quite a bit. There is another economist named Maurice Dobb. Remember the name, what is his name? Maurice Dobb. Now, let's check what Maurice Dobb had to say.
[4:02]First of all, information about Microeconomics and then about Macroeconomics. So Maurice Dobb's opinion was that Microeconomics is called Individual Economics or Atomistic Economics or Partial Economics. Look, what has been said? That Microeconomics, which is Microeconomics, has three different names given to it.
[4:25]What are those names? First, Individual Economics, after Individual Economics, Atomistic Economics, and after that, Partial Economics. Now, what is individual? What is collective? Many people. What is individual? Just one, a small family. Right, or an individual person. What is Atomistic? The smallest part. What is Partial? Partial means a small part of it. Right, that is, he meant that Microeconomics means studying the smallest components of the economy.
[5:11]That is, what does it mean? If we translate it into Marathi, Microeconomics means studying the smallest components of the economy. That is, how many families are there in our India?
[5:37]Right, not considering all these families, just considering the income of your one family, that is Microeconomics. How many people earn money in this world, how many people spend money?
[5:54]But how much does India alone earn, how much does India alone spend, how much is produced in India alone? Studying that means Microeconomics. That is, among the largest components of the economy, studying one of the smallest components means Microeconomics. Microscopic study. Right, studying the smallest components.
[6:18]Now, in a class, there are 100 students. Studying only one student among 100 students, overseeing him, observing him, paying attention to his studies. Studying one small component among all the components, that is called microscopic study. Right, so Maurice Dobb's opinion was that Microeconomics means studying the smallest components of the economy. Studying the components. Right, whose opinion was this? This was the opinion of Maurice Dobb. Right, but Maurice Dobb's statement, Microeconomics means what, was not clear. That is, it was exactly understood, but it was not clear what he wanted to say. Then, what do we do? Let's look at Professor Boulding's definition. Let's check what Boulding's opinion is. Professor Boulding's opinion is very good. Right, what is Professor Boulding's opinion? Boulding says, "Microeconomics is the study of particular firms, particular households, individual prices, wages, incomes, individual industries, particular commodities."
[7:34]Now, Boulding tried to expand the definition a bit more. Professor Maurice Dobb, look, he explained the smallest part. Right, but Boulding, he explained a little bit.
[7:49]What did Boulding say? Check. Boulding said that specific industrial organizations, specific families, individual prices, wages, income, individual industries, and the study of specific goods is Microeconomics. Now, if we want to explain it in simple language, how many industrial organizations are there in India? Right, there is Mahindra and Mahindra's business. Right, there are Reliance Industries. Tata has a big business. Right, after that, Adani also has such a big business. Not considering all of them, just studying Tata Group alone is Microeconomics. Right, because there are so many industries, just studying one. After that, how many people in our India get salaries? But not everyone, just Ram Sharma. How much salary did this person get, or how much salary did that person get?
[8:52]That is called Microeconomics. Right, this was the opinion of Maurice Dobb and Boulding about Microeconomics. Now, what is Macroeconomics?
[9:31]We have cleared Micro. Now, we will discuss Macroeconomics. What is said in Macroeconomics? Macroeconomics means Collective Economics or Aggregate Economics.
[10:07]Macroeconomics is called Macroeconomics in English. Macro means large or huge. Right, now look, what is the definition of Macroeconomics?
[10:20]Macroeconomics is the branch of economics which analyses the entire economy. That is, what is Macroeconomics? Macroeconomics means discussing the entire economy.
[10:36]Or economics that considers the collective components of the economy collectively. Now, Professor Ackley had given a definition here.
[10:52]Let's check Professor Ackley's definition. The relation of Macroeconomics is with the total production in economics, the total amount of use of resources, the size of national income and the general price level of goods.
[12:47]Now, after reading this definition, the new students say, "Aakhir kehna kya chahte ho?" Right, such was their tendency. Then, Professor Ackley's definition, to counter it, Boulding gave another definition. Look, economists are like this. One economist gives his opinion, his study, and then another economist comes after some years, points out the shortcomings in the previous definition, and puts his own definition. Then, this definition also becomes famous for some days. Then, another economist comes, makes the first one a fool, makes the second one a fool, and makes himself famous as smart. This has happened many times in economics, which you will slowly experience. Now, look what Boulding said. What did Boulding say? Macroeconomics does not discuss individual components, but discusses collective components. Look, Macroeconomics does not discuss individual components.
[13:52]It discusses collective components. That is, Boulding said that what you call Macroeconomics is the study of one family, which is an individual component. Studying all families is a collective component. Right, so Boulding said that Macroeconomics does not discuss individual components. It does not discuss one family's matter. Macroeconomics discusses collective components.
[14:26]It does not discuss individual income, but discusses national income. That is, it does not discuss how much salary Ram Sharma gets, but how much salary everyone in India gets.
[14:48]It does not discuss the price of an individual, but discusses the general price level. This was the opinion of Maurice Dobb and Boulding about Microeconomics. Now, what is Macroeconomics?
[15:20]What is collective income? That is, it does not discuss how much salary an individual gets, but discusses how much salary everyone in India gets.
[15:53]What happened to Ackley's definition? After Ackley's definition, check what is said here. Professor Ackley's definition, to counter it, Boulding gave another definition.
[18:41]That is, Boulding means, in the forest, studying one tree out of countless trees means Microeconomics. And studying all the trees in the forest means Macroeconomics.
[19:10]Clear? That is, what does studying mean? For example, there are so many people in the world. Ram Sharma, only this one person's salary, this one person's consumption, this one person's expenditure, this one person's price level. Considering all these things means Microeconomics.
[20:25]I hope you have understood the difference between Microeconomics and Macroeconomics. Now, in this entire chapter, we have to see what things are studied in Microeconomics and what is studied in Macroeconomics.
[20:46]What are the features of both? We will understand all these things. Right, but these types of notes, which you can see in the background, due to which your study becomes strong, you easily understand the concepts. You find it easy to study. There is no need to cram in economics. All these colorful notes are highlighted where it is important, so that your objectives become strong, you don't need to cram, and you get 95-99 marks in economics, that's why we give all these notes in the Big Bull Batch. On YouTube, only chapters and everything will be explained in an easy way, but the deep knowledge that helps you understand without memorizing and just by watching the video in the class, we provide that in our DA2 Academy app in the Big Bull Batch to all students.
[21:37]Now, you can join the online classes of these five subjects for only 2500 rupees sitting at home, where your offline fees are 15,000, 20,000, 5,000, 10,000 rupees.
[21:54]For joining classes, what you have to do is, go to Play Store and download the DA2 Academy app, or in the description, you will find my phone number. Right, it will be visible on the screen at this moment. You can call on that number and get more information, and all the students who join the batches will get such a 400-page book free of cost delivered to their home. Right, there is a video of the Big Bull Batch in the description. Watch that video, you will understand everything. That's all for this video. See you in the next session. Till then, keep watching your favorite YouTube channel DA2 Academy. Tata, bye-bye, take care and stay connected. See you in the next class.
