Particular Equilibrium:
An equilibrium pertains to a single variable may be called particular equilibrium.
General Equilibrium:
An equilibrium relates to numerous variables or even the economy as a whole is called general equilibrium.

(i) What and how much to produce?
(ii) How to produce?
(iii) For whom to produce?
What and how much to produce?
(a) Whether to produce more food or more luxury goods.
(b) Whether to have more agricultural goods or industrial goods.
(c) Whether to use more resources in education and health or more in military services.
How to produce?
Whether to use more labour or more machines.
For whom to produce?
How its produce be distributed among the different sections of the society.

Introduction: Adamsmith (1723 - 1790) in this book  "An enquiry in to Nature and causes of Wealth of Nations" (1776)
Wealth: Adamsmith defines "Economics as the science of wealth". He explains how a nations wealth is created and increased. He considered that the individual in the society wants to promote his wealth.
Adamsmith favours the introduction of "Division of Labour" to increase the quantum of output.
Criticism: For Smith, Economics consists of Wealth getting arid wealth spending activities. Wealth is treated to bean end in itself. This view leads him to ignore human welfare. It is an essential part of Economics. 
Ruskin and 'Carlyle regard, Economics as a "dismal science", "Pig science" etc as it teaches, selfishness which it against ethics. Smith's definition is that there is over emphasis on wealth but it can be only a part of the study. There is other side more important side that is the study of "Man".

Introduction: Goods and services satisfy human wants. Goods also called "Products", "Commodities", "things" etc.
Types of Goods
1. Free and Economic Goods: Free goods are available in nature and in abundance. They do not command a price in the market: (Ex) Air, Sunshine. Economic goods common a price in the market. They are scarce in relation to supply (Ex) T.V, Furniture.
2. Consumer goods and capital goods: Consumer goods directly satisfy human wants (Ex) Table, Chair. Capital goods also called Producers goods do not directly satisfy the consumer wants. They help to produce consumer goods. (Ex) Machinery.
3. Perishable goods and durable goods: Perishable goods are short-lived. Their life span is limited (Ex) Fish, Fruits. Durable and semi-durable goods have a little longer life time than the perishable goods (Ex) TV, Table.

The different kinds of goods and services are
(i) Free and economic goods: Free goods are available in nature and they are not scarce. They do not command a price in the market. ego Air and sunshine. Water also an example in the past but at present it has exchange value. So it is not a free good. Economic goods are not available in plenty. They are scarce in supply. Man has to spend money to own or use them.
(ii) Consumer goods and capital goods: Consumer goods directly satisfy human wants, TV, Furniture, Automobile etc. Capital-goods (also called producer's goods) don't directly satisfy the consumer wants. They help to produce consumer goods. For example, machines do not directly satisfy the consumers, but in factories, the manufacturers need them.
(iii) Perishable goods and durable goods: Perishable goods are short-lived. Their lifespan is limited. For example fish, fruits, flower etc., do not have a long life. Durable goods and semi-durable goods have a little longer life-time than the Perishable goods. For example, a table, a chair etc.,