History of Economic Development:

History of Economic Development:

As is often said, the idea of ​​economic development is linked to the origins of the Industrial Revolution in 18th-century Europe. As a result of this revolution, the use of new machines, new ideas, and new discoveries and technologies in countries such as England, France, and Germany gave rise to the process of industrial expansion. The process then spread to countries such as Japan, Russia, and the United States. However, the whole world could not benefit from this revolution. The countries of Asia, Africa, and South America failed to benefit from the industrial revolution.

These poor countries have forgotten their poverty for many years and accepted stupidity, hunger, and misery as gifts from God. After World War II, as many countries became independent from imperialism, they became interested in reducing poverty, increasing employment opportunities, and improving the standard of living. In other words, after World War II, the desire to improve their economies began to increase in the backward countries. The international media has played an important role in this.

 The people of poor countries learned how the rich countries lived, understood the lifestyle of the colonialists, their diet and their economy, and their interest in economic development began to develop. Accordingly, the idea of ​​Economic Development was recognized.

Economics is not only a subject but a routine activity in every individual’s life. It is a way of balancing financial inputs and outcomes. Whether it is a small family or a large family, a small business enterprise or a large enterprise, and individuals putting money in their pockets, etc. whatever it is, one must plan a month in advance or figure it out at the end of the month or year. This is what economics is trying to balance with unlimited criteria against limited resources.

With that, we will begin our discussion on the topic of ‘Economy’. This content is especially readable for students who are just beginning their Business journey in Class XI. In short, we can say that Economics is a point and intellectual subject worthy of study for the quest for knowledge.

Economic Definitions

Economics is defined as a technique or tool for balancing most needs, which can be referred to as credits, and limited resources, which can be referred to as debits. Maintaining a proper and healthy balance between these two terms is nothing but economics. It is one of the basic definitions of Economics. Apart from this, there we have different basic definitions of Economics, depending on the scenario. Before going to the economic infrastructure, it has two streams. They are- macroeconomics and microeconomics.

Macroeconomics: Macro means big. Macroeconomics deals with major issues related to an economy like a whole entity or big company or a whole nation or whole city or whole project etc. Inflation, annual budget, deficit, poverty, etc. can come under macroeconomics . . . .

Microeconomics: On the other hand, micro means small. Microeconomics deals with small units, an apartment, individual plants, household activities, part of your project, an event, etc. that come under microeconomics.