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LECTURE 1
o Name: Prachi A. Parab
o Roll No: 46
o Class: B.Ed (2014-15)
o Methods: Economics & Mathematics
o Subject: Economics
o Std: 9
o Unit: Basic Concepts Of Economics
Pandit Rajpati Mishra College Of Education & Research
CONTENTS
 Introduction
 Human Wants- Features & Classification
 Goods- Tangible & Intangible,
Free & Economic
 Resource
 Scarcity of resources
LET’S SEE WHO CAN ANSWER THIS 
 Adam Smith is considered as the father
of
 According to Prof. P.A. Samuelson
is the “Queen Of Social Sciences”.
 Economics examines how people use
limited resources to satisfy their
unlimited
Basic concepts of Economics
HUMAN WANTS
UNLIMITED
COMPLEMENTARY
COMPETITIVE
GRADABLE
VARIABLE
RECURRING
COMPLEMENTARY
GRADABLE
RECURRING
COMPETITIVE
VARIABLE
CLASSIFICATION OF WANTS
NECESSARIES
COMFORTS
LUXURIES
CHECK YOUR PROGRESS
 Which one of these are complementary ?
 Which one of these are Luxuries?
 Human Wants are Recurring. Explain.
GOODS
 Any commodity or anything which can satisfy our wants
GOODS
TANGIBLE
INTANGIBLE
FREE
ECONOMIC
EXAMPLES
INTANGIBLE GOODS - cannot be seen or touched, however
can be experienced. e.g. all kinds of services, goodwill etc.
FREE
TANGIBLE
ECONOMIC
RESOURCE
o It is an economic factor-A person, asset,
capital, material, or immaterial goods,
which can be used for production.
o Basic resources:
LAND, LABOUR & CAPITAL
o SCARCITY OF RESOURCES- the root cause
of all economic problems- it is necessary
to have some control on human wants
to overcome the problem.
CAPITAL
LABOUR
LAND
RECAPITULATION
 Human wants are countless in number and various in kind.
 Features of human wants- Unlimited, Complementary,
Competitive, Gradable, Variable & Recurring
 Classification of wants- Necessaries, Comforts &Luxuries
 Goods-Tangible & Intangible, Free & Non-Economic
 Resources- Scarcity Of Resources is the root cause of all
economic problems.
SO, TODAY WE LEARNT ABOUT
Features of
Human wants
Free & economic
goods
Classification
of human
wants
Resources &
scarcity of
resourcesTangible &
intangible
goods
EVALUATION
 What are Goods?
 What is the root cause of all
economic problems?
 What are human wants? Explain
any two characteristics.
 What is the difference between
tangible and intangible goods?
 What are the three basic economic
resources?
ASSIGNMENT
Make a list of ten
economic and non-
economic goods
found around you.
REFERENCES
 Social Science part 2 Geography and Economics text book grade 9
 Images- www.google.com
 Glossary of Economic terms & concepts- http://www.economicswisconsin.org/

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Basic concepts of Economics

  • 2. o Name: Prachi A. Parab o Roll No: 46 o Class: B.Ed (2014-15) o Methods: Economics & Mathematics o Subject: Economics o Std: 9 o Unit: Basic Concepts Of Economics Pandit Rajpati Mishra College Of Education & Research
  • 3. CONTENTS  Introduction  Human Wants- Features & Classification  Goods- Tangible & Intangible, Free & Economic  Resource  Scarcity of resources
  • 4. LET’S SEE WHO CAN ANSWER THIS   Adam Smith is considered as the father of  According to Prof. P.A. Samuelson is the “Queen Of Social Sciences”.  Economics examines how people use limited resources to satisfy their unlimited
  • 9. CHECK YOUR PROGRESS  Which one of these are complementary ?  Which one of these are Luxuries?  Human Wants are Recurring. Explain.
  • 10. GOODS  Any commodity or anything which can satisfy our wants GOODS TANGIBLE INTANGIBLE FREE ECONOMIC
  • 11. EXAMPLES INTANGIBLE GOODS - cannot be seen or touched, however can be experienced. e.g. all kinds of services, goodwill etc. FREE TANGIBLE ECONOMIC
  • 12. RESOURCE o It is an economic factor-A person, asset, capital, material, or immaterial goods, which can be used for production. o Basic resources: LAND, LABOUR & CAPITAL o SCARCITY OF RESOURCES- the root cause of all economic problems- it is necessary to have some control on human wants to overcome the problem. CAPITAL LABOUR LAND
  • 13. RECAPITULATION  Human wants are countless in number and various in kind.  Features of human wants- Unlimited, Complementary, Competitive, Gradable, Variable & Recurring  Classification of wants- Necessaries, Comforts &Luxuries  Goods-Tangible & Intangible, Free & Non-Economic  Resources- Scarcity Of Resources is the root cause of all economic problems.
  • 14. SO, TODAY WE LEARNT ABOUT Features of Human wants Free & economic goods Classification of human wants Resources & scarcity of resourcesTangible & intangible goods
  • 15. EVALUATION  What are Goods?  What is the root cause of all economic problems?  What are human wants? Explain any two characteristics.  What is the difference between tangible and intangible goods?  What are the three basic economic resources?
  • 16. ASSIGNMENT Make a list of ten economic and non- economic goods found around you.
  • 17. REFERENCES  Social Science part 2 Geography and Economics text book grade 9  Images- www.google.com  Glossary of Economic terms & concepts- http://www.economicswisconsin.org/