Coupon Accepted Successfully!


Basic Concepts

 In economics, wants constitute things that we desire. Every person has unlimited wants, but limited resources to obtain them. As a result, people cannot obtain everything they want and must look for the most affordable alternatives. People may desire for necessities, comforts and luxuries.

Demand: This refers to the quantity of economic goods that can be bought at a fixed price at a given time.

Supply: Supply of economic goods is the total amount of a specific good or service that is available to consumers.

Production: It is the process of creating goods or services which has value and contributes to the utility of individual persons.

Distribution: It includes the method by which the total income or output from production or wealth is distributed amongst the individuals in the society, or among the factors of production such as land, labour and capital.

Consumption: Consumption refers to the final purchase of goods and services by individuals.

Exchange: It refers to economic transaction where goods or services are transferred from the provider/ producer and consumer with a consideration of monetary compensation. Barter system involves transfer of goods without any monetary transaction.

Utility: It is the ability of a good or service to satisfy the wants of consumers.

Profit: It refers to the reward that the producers get for productive activities or the return on money and securities which are invested in the capital market.

Co-operation: ‘Society is for individual and individual is for society’.

Service is important than profit.

The Co-operative Movement was started in India in 1904 with the passing of the Co-operative Societies Act. In 1919, co-operative societies were included in State List. 

The first Co-operative Society was started at a place called Kanaginahal in the present Gadag Taluk of Gadag district.

In the old Mysore state, the first Co-operative Society was started in December 1905 at Bangalore, which was called the Bangalore City Co-operative Society.

Test Your Skills Now!
Take a Quiz now
Reviewer Name