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Bsc agri 2 pae u-1.1 introduction to business economics and fundamental concepts

Introduction to business economics and fundamental

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Nature and Scope of Economics
BSC AGRI 2
PAE
UNIT 1
Introduction
The word Economics is derived from the Greek
words “OKIOS NEMEIN” meaning household
management .
Man is bundle of desires. Goods and services satisfy
these wants. But almost all the goods are scarce. To
produce goods land, labour, capital and organization
are needed. Economic problem arises because of
scarcity.
Economics is a study of economic problems. Wants
are motive force for economic activity. Wants leads
to efforts. Efforts secures satisfaction.
Efforts
satisfaction
Wants
Economic Activities
1. Consumption: Extracting utility from goods
and services.
2. Production: Production of goods and
services which posses utility.
3. Exchange: means buying and selling of goods
and services. It is link between consumer
and producer.
4. Distribution: Sharing of income by the four
factors of production.
Economics Definitions
1. Wealth Definition. Adam Smith
2. Welfare Definition. Alfred Marshall
3. Scarcity Definition. Lionel Robbins
4. Growth Definition. Paul Samuelson
1.Wealth Definition.
• Father of Economics Adam Smith in his book “
Wealth of Nations 1776” defined economics is the
study of wealth.
• J.B Say, J.S Mill, Walker, B.Price all agreed that
Economics is concerned with wealth.
• In this definition wealth is given first place, man has
given second place
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Bsc agri 2 pae u-1.1 introduction to business economics and fundamental concepts

  • 1. Nature and Scope of Economics BSC AGRI 2 PAE UNIT 1
  • 2. Introduction The word Economics is derived from the Greek words “OKIOS NEMEIN” meaning household management . Man is bundle of desires. Goods and services satisfy these wants. But almost all the goods are scarce. To produce goods land, labour, capital and organization are needed. Economic problem arises because of scarcity. Economics is a study of economic problems. Wants are motive force for economic activity. Wants leads to efforts. Efforts secures satisfaction.
  • 4. Economic Activities 1. Consumption: Extracting utility from goods and services. 2. Production: Production of goods and services which posses utility. 3. Exchange: means buying and selling of goods and services. It is link between consumer and producer. 4. Distribution: Sharing of income by the four factors of production.
  • 5. Economics Definitions 1. Wealth Definition. Adam Smith 2. Welfare Definition. Alfred Marshall 3. Scarcity Definition. Lionel Robbins 4. Growth Definition. Paul Samuelson
  • 6. 1.Wealth Definition. • Father of Economics Adam Smith in his book “ Wealth of Nations 1776” defined economics is the study of wealth. • J.B Say, J.S Mill, Walker, B.Price all agreed that Economics is concerned with wealth. • In this definition wealth is given first place, man has given second place
  • 7. 2. Welfare definition. • Alfred Marshall in his book “Principles of Economic Science-1890” defined Economics is the study of man kind in the ordinary business of life. • “Economics is one side a study of wealth; and on the other side more important side a part of study of man • He made economics is a science of human welfare.
  • 8. Welfare definition-points 1. Mainly concerned with the study of man in relation to wealth. 2. First place to man, second place to wealth. 3. It studies man not in isolation but a member of a social group. 4. Definition considered only material welfare, ignored immaterial welfare.
  • 9. 3. Scarcity Definition. Lionel Robbins in his book ‘Nature and Significance of Economic Science-1932 given scarcity definition. “Economic is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”
  • 10. Scarcity Definition-main Points 1. Unlimited wants. 2. Scarce means. 3. Means have alternative uses.
  • 11. Superiority of scarcity definition 1. Robbins included material and non material goods ,widens the scope of economics. 2. He made economics a positive science. 3. His definition is universal.
  • 12. Growth definition • Economics is the study of how people and society end up choosing with or without money to employ scarce productive resources that could have alternative uses to produce various commodities and distribute them for consumption, now or in the future among various persons and groups in society. Economic analysis the cost and benefits of improving patterns of resources use.
  • 13. Growth Definition-points 1. Scarcity : Unlimited wants ,scarcity of resources and alternative uses. 2. Dynamism: The importance of time is brought in the definition. 3. Economic growth: His definition gave importance to economic growth 4. Wide scope: Economic choice exist not only in a monetary economy but also in a barter economy. 5. Problem of choice: Definition explains problem of choice in present and future in dynamic conditions.
  • 14. Micro- Macro Economics Economics noble prize winner (1969), Ragner Frisch was the first to use the terms micro and macro in economics in 1933. The terms micro and macro derived from Greek. Mikros (small) and makros (large). Micro means individualistic and macro aggregative.
  • 15. Micro Economics. • Micro economics is the study of particular firms, households, individual prices and particular commodity. • Micro economics is based on the assumption of full employment and ‘ceteris paribus’ (other things remain constant). • Micro economics was popularized by David Ricardo, Marshall, J.B Say and J.S Mill. • Micro economics called as ‘ Price Theory.’
  • 16. Macro Economics: • Macro economics is the study of economic system as a whole. • Macro economics studies aggregates values like National Income, National output, general price level, total consumption, saving and investment of a country. • Macro economics is called ‘ Income and Employment theory.’ • J.M Keynes popularized macro Economics • Where micro economics explain a tree in the forest, macro economics explains all the trees in the forest.
  • 17. Difference between Economics and Business Economics  Economics is the social science that studies the production, distribution, and consumption of goods and services. Economics aims to explain how economies work and how economic agents interact. Economic analysis is applied throughout society, in business and finance but also in crime, education, the family, health, law, politics, religion, social institutions, and war. Economic textbooks distinguish between microeconomics ("small" economics), which examines the economic behavior of agents (including individuals and firms) and "macroeconomics" ("big" economics), addressing issues of unemployment, inflation, monetary and fiscal policy. Business economics (also called managerial economics), is a branch of economics that applies microeconomic analysis to specific business decisions. As such, it bridges economic theory and economics in practice. It draws heavily from quantitative techniques such as regression analysis and correlation, Lagrangian calculus (linear). If there is a unifying theme that runs through most of business economics it is the attempt to optimize business decisions given the firm's objectives and given constraints imposed by scarcity, for example through the use of operations research and programming
  • 18. Source • 1. Elementary economic theory - K.K. Dewett and J.D. Verma • 2. International Economics - B. Mishra • 3. Fundamentals of Agricultural Economics - A.N. Sadhu and A. Singh • 4. Economics - Paul A. Samelson and W.D. Nordhans (Pearson Publications)