Bismillah ar-Rahman ar-Rahim, under the chapter of the economic problem, we are going to explain what is economic perspective. The economic perspective in the simple form is a lens, a very specific lens from that lens and economist it views the society. And if I say it in simple words, then these are the same things in our culture. But if we look at it from an economic perspective, then we can understand that there is a specific type of lens through which we look at Asia. So what we will see is what the ordinary people do not see. Now if we look at it, then the framework through which an economist sees the problems or issues of the society, these are called the economic perspective. And it will look at the basis of the economic phenomena. The same work that someone else is looking at, then he will not look at it in that context. But an economist has to decide on it, on the economic perspective, that what resources are needed for that. How is the utilization of those resources happening. How does the cost become based on those resources. And how does the end be based on those resources. So analyzing and evaluating different economic policies and decisions for economic perspectives is very important for policy makers and decision makers. And he decides trade-offs between opportunity cost and the resources and decision making. Now if we look at it, then we have to look at it in the economic perspective. The decisions that are made in the economic perspective, the individual in the economic decisions, how does he make his decisions. Is he rational or is he making wrong decisions. What is he doing based on his choice. What are our business markets working on. What are the policies of the government being made. Are they being made for the benefit of the consumer. Are they being made for the favor of the consumer or the industrialist. And then he decides trade-offs. The trade-offs are a decision making phase. Given take. There are some policies of low and low. In which we have to decide how the individuals and the firms are working.  And along with that, the facilities that are given to them. And if we look at the same base, then the different economic agents, we have to look at their behavior. Because if they are in a good environment, then they are producing efficiently and if they are not, then over the history if we look at them, then they are very big. If we look at the environment in which trade unions were made and labour laws were made, then they were the same behavior and that is why. Now if we look at the economic perspectives, then basically the economic problem that we are dealing with, we have five aspects. Number one, we will look at the issues of scarcity and choice first. In which we have already discussed that scarcity will relate with resources. And the choices will basically be decided because that resource can be abundant for one choice and can be scarce for another. And because that resource will be utilized for different ends, then we will assess its value on it, then it will be called opportunity cost. Opportunity cost means that what is the value of one place on it and how much it can gain from it. And if it can be used in a different place, then it can be given a lesser price. So that price that could have been used earlier, that foregone, or given, or it has come out of it, or in alternative form, it will be called opportunity cost. And one thing here in our economics, it will always be counted that anything is free in the economy. If Sarif himself is not given its value, then that entrepreneur who is giving you free, he is taking it on behalf of society, or he is taking it from a third party, and that third party is taking it in some other form. And the best example of this, if we look at the software that we have in our daily utilization, Facebook, which we understand is free, but Facebook, due to its maintenance cost and all that, it is being fulfilled through advertisement. And the agencies of advertisement, because they are getting Sarif, they are in that regard, so indirectly, Sarif is being paid. Economic perspective says that the economic agency should have a purposeful behavior. Now, when we say purposeful behavior, then rational choice, meaning rationality has self-interest. We will not tell anything here that a person's motive is not to take the loss, but to take the loss. He will always want to see his benefit, he will want to take more profit, he will want to consume more things. So when it comes to consumption, then we say that individuals want to maximize their utility. And when they are the same individuals as the entrepreneurs, then we say that they want to increase their birth rate, and along with the birth rate, they want to increase profits. So many times, the same entrepreneur, in the form of monopoly, makes less profit, but his motive is to gain more profit. And here, he decides based on his desired outcomes. The decisions in economic perspectives will be based on marginal analysis. Now, if we talk about marginal analysis, then if an entrepreneur, if an entrepreneur has established a big factory, then this is his sunk cost. Once he starts, then for today's birth rate, he has to decide how many units he wants to produce, then he will have a marginal base. And he will have a marginal base of how many additional units of input or sources, and how many outputs he gets in that input. So he will decide based on this base that cost, how many units he gets by applying one unit. So the day we decide that one unit cost will be marginal cost. And the output of the last unit will be marginal benefit. So he will decide with these two combinations on marginal analysis. The market will decide in economic perspective. And when the market will be studied, then what is the value of the first thing we will see about every commodity in the market? The determination of the value will be decided in exchange of goods. They will decide on the base of the exchange of the goods on the basis of the prices. And these prices, they are the basic signals that determine the total output and the quantity of any economy and the market. Now along with the markets, another thing is that to deal with our economic perspective, they are called institutions. Institutions means systems, rules. So why are institutions important? Because they give a property right. The person who has a property, the person who has a shop, the ownership of it, to deal with those two people, the rules will be contracts. Similarly, there will be some laws and a lot of things go informally. So we talk about norms for that. Now when we gather all these perspectives, we have taken firms, households, economic agents, we deal with small units in microeconomics. And when we gather all these things in a broader form, we will see for the economy how we can increase our economy, how we can grow in the future, how we can solve its problems, what we see is that the same labor which was unemployed yesterday, and when we talk about this we will shift to microeconomics and then to macroeconomics.


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