Background Study (Simplified)
Farm Management is a part of Economics.
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Economics is a branch of Social Science.
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It is also called the "Queen of Social Sciences."
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The word "Economics" comes from the Greek word "Oikos," which means "household management."
Economics is the study of how people live and manage resources in society.
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It focuses on how to use limited resources to satisfy unlimited human wants.
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Human wants are endless—as soon as one is fulfilled, a new one appears.
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But resources (money, land, time, etc.) are limited, so we have to choose wisely.
Knowing economics helps us to:
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Make smart decisions
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Use our resources efficiently
Subject Matter of Economics (Simplified)
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Economics mainly deals with:
Wants → Efforts → Satisfaction
We have wants,
We make efforts to fulfill them,
And we get satisfaction after fulfilling them.
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Adam Smith is known as the "Father of Economics."
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Famous proverb:
"If economics go wrong, the nation will go wrong."
This means a country's progress depends on how well its economy is managed.