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  Lecture 1 Introduction Environment- Environment means surrounding(almost everything including living and non-living being). Everything that has influence on the organism during its lifetime.  Carlyle (English scholar) coined the term environment while he was translating the German word Umgebung. He coined environment from French word Environia (surround)  Ecology- Derived from the Greek word Oiko(Home) + Logy(Study) . in 1866 by the German scientist Ernst Haeckel coined the term Ecology.  Study of interaction among different components of the Environment/Ecosystem. Organism → Organism Organism → Surrounding (Living → Non-living being)  Ecosystem- The term ecosystem was coined by Arthur Roy Clapha and first time used by his co worker Arthur Tansley (British ecologist).  functional unit of nature/environment. terrestrial ecosystems, aquatic ecosystems. Ecosystem is defined on a community level.  Ecosystem is the biotic community and the physical env...

  Business Cycle Fluctuations in the aggregate economic activities of a nation. It includes expansion, recession, depression and recovery.  It shows increase and decrease in a nation's GDP over time.  The sequence of change is recurrent and Aperiodic.  But for better understanding, let's have a look on recurrent and periodic business cycle.  Expension- Increase in GDP(decrease in unemployment)  Peak- Turning Point of business cycle after which GDP start decreasing Technical Recession- When there is decrease in GDP for 2 consecutive quarter Recession-  Decrease in GDP for more than 2 consecutive quarter Depression-  Extreme recession, severe and prolonged downturn of economic activities(recession for more than 2 years)  Trough-  Turning Point of business cycle, end of recession and start of recovery Recovery-  Increase in GDP after a decline period.  Potential Output(Full Employment Output)  Level of GDP that would be pr...