Presentation on economics <br />
Definitions of economics<br />Classical view:<br />	Adam Smith-<br />			 “economics is the study of wealth”<br />
Modern view<br />Lionel Robbins- <br />			“Economics is the science which studies human behavior as a relationship between...
Neo-classical view	<br />Alfred Marshall- <br />			Economics is a study of mankind in the ordinary business of life”<br />
Scope:<br />Economics as a science –<br />		“A science is a systematized body of knowledge ascertainable by observation an...
Economics as an art<br />According to J.N Keynes-<br />			“An art is a system of rules for the attainment of given ends.”<...
Economics is both science as well as arts-<br />		According to Samuelson-<br />				“Economics is the oldest of arts, and n...
Some basic concepts-<br />Goods-<br />	In economics all things that have value and satisfy human wants are called goods.<b...
Utility<br />Utility is the want satisfying power of a commodity is called utility.<br />Types of utility-<br />1.Form uti...
Characteristics of utilty-<br />1.Utilty and usefulness<br />2.Utilty and satisfaction <br />3.Utility and pleasure<br />4...
Types of utility..<br />1.Cardinal utility.<br />2.Ordinal utility.<br />
Uses of economic theory in management<br />1.To explain economic phenomena<br />2.To predict economic events<br />3.To jud...
Limitations of economic theory <br />1.Accurate data is not avaiable<br />2.Accurate predictions not available<br />3.Huma...
Assumptions of economics<br />1.Psychological and behavioural assumptions<br />2.Institutional assumptions<br />3.Structur...
Upcoming SlideShare
Loading in...5
×

Economics concept

2,067

Published on

1 Comment
1 Like
Statistics
Notes
No Downloads
Views
Total Views
2,067
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
82
Comments
1
Likes
1
Embeds 0
No embeds

No notes for slide

Economics concept

  1. 1. Presentation on economics <br />
  2. 2. Definitions of economics<br />Classical view:<br /> Adam Smith-<br /> “economics is the study of wealth”<br />
  3. 3. Modern view<br />Lionel Robbins- <br /> “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”<br />
  4. 4. Neo-classical view <br />Alfred Marshall- <br /> Economics is a study of mankind in the ordinary business of life”<br />
  5. 5. Scope:<br />Economics as a science –<br /> “A science is a systematized body of knowledge ascertainable by observation and experimentation. It is a body of generalizations, principles, theories or laws which traces out a casual relationships between cause and effect.”<br />
  6. 6. Economics as an art<br />According to J.N Keynes-<br /> “An art is a system of rules for the attainment of given ends.”<br />
  7. 7. Economics is both science as well as arts-<br /> According to Samuelson-<br /> “Economics is the oldest of arts, and newest of sciences-indeed the queen of all the social sciences.”<br />Economics is both positive and normative science-<br />Positive because it is concerned with “what is” and normative because it is also concerned with “what ought to be”<br />
  8. 8. Some basic concepts-<br />Goods-<br /> In economics all things that have value and satisfy human wants are called goods.<br />Types-<br /> 1.Economic and Non-economic goods <br /> 2.Consumers and Producers goods<br /> 3.intermediate and final goods<br />
  9. 9. Utility<br />Utility is the want satisfying power of a commodity is called utility.<br />Types of utility-<br />1.Form utility<br />2.Place utility<br />3.Time utility<br />4.Service utility<br />5.Possession utility<br />6.Knowledge utilty<br />7.Natural utility <br />
  10. 10. Characteristics of utilty-<br />1.Utilty and usefulness<br />2.Utilty and satisfaction <br />3.Utility and pleasure<br />4.Utility is subjective <br />5.Utility is relative <br />6.Utilty is abstract<br />
  11. 11. Types of utility..<br />1.Cardinal utility.<br />2.Ordinal utility.<br />
  12. 12. Uses of economic theory in management<br />1.To explain economic phenomena<br />2.To predict economic events<br />3.To judge the performance of the economy<br />4. To formulate and understand economic policies<br />5.To evaluate economic policies<br />
  13. 13. Limitations of economic theory <br />1.Accurate data is not avaiable<br />2.Accurate predictions not available<br />3.Human behaviour not rational <br />4.Unrealistic assumptions<br />
  14. 14. Assumptions of economics<br />1.Psychological and behavioural assumptions<br />2.Institutional assumptions<br />3.Structural assumptions<br />4.Ceteris paribus assumptions<br />
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×