Total Revenue (TR) represents the money obtained from the sale of all the units of a good.
TR = P x Q
TR - Total Revenue
P 7 is the price per unit of the good
Q - is the total quantity of the goods sold

1. Human beings have unlimited wants - Ends refers to wants
2. To satisfy unlimited wants means are limited
3. The scare means time and money are utilized III alternative uses.

(i) Form utility
(ii) Time utility
(iii) Place utility
(iv) Service utility
(v) Possession utility
(vi) Knowledge utility

(i) Goods are tangible and have physical dimension.
(ii) Goods are transferable and have value in exchange.

(i) Micro economics studies economic actions of small group of individuals, a household, firm or industry
(ii) It covers value theory and theory of economic welfare.

(i) Economics means management of households.
(ii) It comes from the Greek word oikonomikos.

Stable Equilibrium
a. Prof. Stigler states "equilibrium is a position from which there is no net tendency to move".
b. Its absence is referred to as disequilibrium.
c. A resource is in equilibrium when it gets fully employed and gets its maximum payment.
d. Static equilibrium is based on given and constant prices, quantities, income, technology, population etc.

Explanation:
a. OX denotes Quantity demand and supplied and OY denotes price.
b. "DO. - Demand curve and "55" is the Supply curve.
c. At point "E" the quantity demanded is equal to Quantity supplied (0 = 5)
d. At equilibrium, price is stable because their is no tendency for change as (0 = 5).

a. Samuelson's Definition (Modern Definition of Economics)
Samuelson's definition is known as a modern definition of economics. According to samuelsons, "Economics is a social science concerned chiefly with the way society chooses to employ its resources which have alternative uses, to produce goods and services for present and future consumption"
b. Common Points:
The above definition is general in nature there are many common points in the definitions of Robbins and samuelson. Samuelson's definition tells us that economics is a social science and it is mainly concerned with the way how society employs its limited resources for alternative uses.
All this we find in the definition of Robbins. But Samuelson goes a step further and discusses how a society uses limited resources for producing goods and services for present and future consumption of various people or groups An interesting point that Samuelson tells is that the society may or may not make use of money.

S.No	Micro Economics	Macro Economics
1	Micro Economics is that branch of economics which deals with the economic decision-making of individual economic agents such as the producer, the consumer etc.	Macro Economics is that branch of economics which deals with aggregates and averages of the entire economy. E.g., aggregate output, national income, aggregate savings and investment, etc.
2	It takes into account small components of the whole economy.	It takes into consideration the economy of the country as a whole.
3	It deals with the process of price determination in case of individual products and factors of production.	It deals with general price-level in any economy
4	It is known as price theory	It is also known as the income theory.
5	It is concerned with the optimization goals of individual consumers and producers	It is concerned with the optimization of the growth process of the entire economy.

(i) Whether to produce more of food, or clothing or housing or luxury goods.
(ii) Whether to produce more agricultural or industrial goods and services.
(iii) Whether to use more resources in education and health or military services.
(iv) Whether to have more consumption goods or investment goods.
(v) Whether to spend more on basic education or higher education.

Definition: "Economics is a science which studies human behaviour as a relationship between ends and scarce means, which have alternative uses."
Explanation: 
(i) Human beings have unlimited wants (ends)
(ii) Supply of resources is scarce in relation to demand.
(iii) Scarce resources have alternative uses.
Assessment:
(i) Robbins says that economics is neutral between ends.
(ii) He focuses on the theory of resource allocation.
(iii) He ignores theory of economic growth and development and macroeconomic aspects.

Utility means "usefulness". In Economics utility is the want satisfying, power of a commodity or a service utility is a subjective or Psychological concept.
Types of Utility:
The following are the types of utility.
1. Form Utility: An individual consumer obtains utility from a good or service only where and when it is available in a particular form. (Ex) Cotton as a raw material may not possess utility for a consumer, but as it gets a new form as a cloth it yields the consumer utility.
2. Time Utility: A sick man derives time utility from blood not at the time of its donation, but only at the operation time, when it is used.
3. Place Utility: A student derives place utility from a book not at the place of its publication (Production centre) but only at the place of his education (consumption centre). 
4. Service Utility: A consumer derives service utility from a service made available at the time when he most needs it. (Ex) Clients obtain service utility from their lawyers.
5. Possession Utility: When a student buy a book or dictionary from a book seller, then only it gives utility.
6. Knowledge Utility: It is the utility derived by having knowledge of a particular thing. Advertisement serves as a source of information on an object.

Steps of Deductive method:
(i) Have a clear idea of the problem to be inquired.
(ii) Define the technical terms used. Assumptions should be precise.
(iii) Deduce hypotheses from the assumptions.
(iv) Verify hypotheses through direct observation of events and statistical methods.
Steps of Inductive method:
(i) The collected data must be systematically arranged
(ii) Based on the data, conclusions are drawn
(iii) Generalization of the hypothesis.
(iv) Verification of the hypothesis.