Income represents the amount of monetary (or) other returns either earned (or) unearned small or big accruing over a period of time to an economic unit.

Cost refers to the expenses incurred to produce (or) acquire a given quantum of good. It determines (with revenue) the profit gained (or) the loss incurred by a firm.

Consumption, Production, Exchange, Ditribution and Public Finance.

Lionel Robbins defines "Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses".

i) Adam Smith Wealth Definition, representing the classical era.
ii) Alfred Marshall's Welfare Definition, representing the Neo-classical era.
iii) Uonel Robbin's Scarcity Definition representing the New Age and
iv) Samuelson's Growth Definition, representing the Modern Age.

(a) Monopoly - Single
(b) Duepoly - Two seller
(c) Oligopoly - A few sellers

(i) Local Market     
(ii) Regional Market
(iii) National Martket
(iv) International Market

1. Adam smith's wealth definition- representing the classical stage
2. Alfred marshall's welfare definition representing the he classical stage
3. Lionel Robbin's scarcity definition representing the new age and
4. Growth definitions of samuelson representing the modern age.

(i) In deductive method we move from general to particular.
(ii) It is also called as analytical (or) abstract method.

(i) Positive science deals with what it is.
(ii) It is concerned with how and why.

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

(i) Goods are tangible, (eg) car but services are intangible (eg) goodwill.
(ii) Goods can be stored but services cannot be stored.

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

(i) Microeconomics 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.