The seven types of economic activities are:
1. Micro – Economics:
Micro Economics is the study of the economic actions of individuals say households, firms or industries.
Micro economics covers:
- Value theory [product pricing and factor pricing]
- Theory of economic welfare.
2. Macro – Economics:
- Macro economics is the obverse of micro economics.
- The general theory of employment, Interest and money published by Keynes is the basis of modem macro economics.
3. International Economics:
- In the modem world, no country can grow in isolation.
- Every country is having links with the other countries through foreign capital, investment [foreign direct investment] and international trade.
4. Public Economics:
- Public finance is concerned with the income or revenue raising and expenditure incurring activities of the public authorities.
- The scope of public finance covers public expenditure, public revenue, public debt and financial administration.
5. Developmental Economics:
- The development economics deals with features of developed nations, obstacles for development, economic and non- economic factors influencing development, various growth models and strategies.
6. Health Economics:
- Health economics is an area of applied economics.
- It covers health indicators , preventive and curative measures, medical research and education, rural health mission, drug price control, neo -natal care, maternity and child health, budgetary allocation for health.
7. Environmental Economics:
- Depletion of natural resources stock and pollution result from rapid economic development.
- Environmental economics is a study of inter disciplinaiy tools for the problems of ecology, economy and environment.
