5. Economics
based on
the Expert
RICHARD LIPSEY
Economics is the study of the use of scarce
resources to satisfy unlimited human wants.
ALFRED MARSHALL
Economics is the study of mankind in the
ordinary business of life.
GEORGE BERNARD SHAW
Economy is the art of making most of life.
6. Economics is the study that
supports humans in choosing
and creating prosperity.
DEFINITION IN GENERAL
8. Scarcity
UNLIMITED WANTS
humans have the instinct to have many desires
LIMITED RESOURCES
finite of labor, capital, and entrepreneurship
BASIC ECONOMICS PROBLEM
What, How and for Whom?
9. Scarcity is a condition where we
don't have enough resources to
satisfy all our needs.
10. I WANT A NEW
CELLPHONE
I NEED A NEW
CELLPHONE
WHAT ARE THE DIFFERENCES BETWEEN ....
AND
14. Priority Scale
PRIORITY
something that you think is
more important than other
things and should be dealt with
first
SCALE
the size or extent of
something, especially when
compared with something else
15. Priority scale is scale that ranks
the most important things
DEFINITION