2. Welcome to our Presentation.
“ECONOMICS AND SCOPE OF ECONOMICS”
Name: ID:
Jakaria Hossain 172-23-5146
Md. Moshiour Rahman 173-23-5169
Section: A (EVE) MC.
Department of Textile Engineering.
Daffodil International University.
3. What is Economics?
• Economics is a social science
that deals with the production,
distribution and consumption
of goods and services.
4. Modern Definition of Economics
Adam smith was a Scottish philosopher
widely consider as the father of
economics.
Smith defined economics as “An enquiry
into the nature and causes of the
wealth nation’s.”
Adam Smith (Scottish economist)
Born: June 16, 1723, Kircaldy, United Kingdom.
Died: July, 17, 1790, Panmure House, Edinburgh, UK.
5. Economics System
Market economy:- Market economy is one in
which prices are established according to
supply and demand, rather than by the
government.
Planned economy:- All decisions regarding
production, distribution, salaries, investment
and prices are made by a central authority –
usually the government.
Mixed economy:- A mixed economic system is
a system that combines aspects of both
capitalism and socialism.
6. Type’s of Economics
(i) Microeconomics : - Microeconomics is that
part of economic theory which deals with the
behavior of individual units of an economy.
(ii) Macroeconomics : - Macroeconomics studies
the behavior of not only particular company or
industry's but whole economy.
7. Five Key Questions of Economics :-
1. What to produce (make)?
2. How much to produce (quantity)?
3. How to produce it (manufacturing)?
4. For whom to produce (who gets what)?
5. Who gets to make these decision?
8. Scope of Economics
• Economics discuss production,
distribution and consumption.
• Economics discuss economic
problems and economic activities.
• Economics deals with one person
day by day earning and spending
9. Scope of Economics
• How men can get maximum
satisfaction by using limited
resources.
• Availability of resources and their
perfect use are important subject
matter of economics.
10. Importance of studying economics :-
Higher tax
revenue
Public
sector
investment
Private
sector
investment
Increased
productive
capacity
Economic
growth
Importance of
economic growth
• To understand the society :- economics
seeks to analyze transactions made by the
society and its members.
• To understand global affairs:- economics
seeks to explain the internal operation and
trade policies of countries.
• To be informed voter:- understanding of
economics develops individuals to be a wise
voter.
11. Limitation's :-
⌖ It does not give the correct pictures of the working of the economy.
⌖ It does not provide solution to certain economic problems.
⌖ The area of study covered by its limited.
⌖ It cannot be abruptly applied to the study of macro economic problems.
