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?
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/