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ECONOMICS and Others Mr. Rey Belen
Divisions of Economics <ul><li>Macroeconomics </li></ul><ul><li>Microeconomics </li></ul><ul><li>The study of economy as a...
The Physicist and the Economist <ul><li>Deal with material object </li></ul><ul><li>Deriving laws that are more or less st...
Economics as a Science <ul><li>Economist (same other scientists) also work in a similar way </li></ul><ul><li>They used ec...
Why Economics is regarded as a science? <ul><li>It is an organized body of truth, </li></ul><ul><li>Coordinated, </li></ul...
Relationship of Economics to Other Sciences <ul><li>Math </li></ul><ul><li>Economic theory and analysis make use of algebr...
<ul><li>Economics and Sociology are allied studies for both deal with individual’s relation to society since that society ...
<ul><li>Ethics points out the right and the wrong conduct in such matters as wealth, production, consumption, exchange, wa...
<ul><li>There is  definite relation exists between Economics and Psychology. </li></ul><ul><li>The mere desire for good is...
Fundamental Emphases or Concerns of Economics <ul><li>Economic is concerned with: </li></ul><ul><li>PRODUCTION </li></ul><...
IMPORTANCE <ul><li>the practice of thrift and wise consumption of goods, services and resources </li></ul><ul><li>The appr...
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Economics and others

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Economics and others

  1. 1. ECONOMICS and Others Mr. Rey Belen
  2. 2. Divisions of Economics <ul><li>Macroeconomics </li></ul><ul><li>Microeconomics </li></ul><ul><li>The study of economy as a whole. </li></ul><ul><li>Management of income, expenditures, wealth, or resources of a nation </li></ul><ul><li>It deals with the aggregates or totals and studies market activities as a whole. </li></ul><ul><li>Answers the questions: </li></ul><ul><li>What factors determine the total level of production </li></ul><ul><li>Should the government increase tax? </li></ul><ul><li>How will an increase in money supply affect the economy of the nation? </li></ul><ul><li>Analyzed problems and issues concerning: </li></ul><ul><li>Inflation </li></ul><ul><li>Unemployment </li></ul><ul><li>Growth and International Finance </li></ul><ul><li>The study of activity in individual markets. </li></ul><ul><li>Studies the action of individual firms and households. </li></ul><ul><li>It involves specific market such as those for : </li></ul><ul><li>Rice </li></ul><ul><li>Sugar </li></ul><ul><li>Coconuts </li></ul><ul><li>Apparels </li></ul><ul><li>Televisions </li></ul><ul><li>Issues: </li></ul><ul><li>Price Determination </li></ul><ul><li>Monopoly </li></ul><ul><li>Big Business Empires </li></ul><ul><li>Labor Unions </li></ul>
  3. 3. The Physicist and the Economist <ul><li>Deal with material object </li></ul><ul><li>Deriving laws that are more or less stable if the conditions under which the laws formulated remains the same </li></ul><ul><li>2 Hydrogen + Oxygen = H 2 0 </li></ul><ul><li>Deal with human being and human behavior </li></ul><ul><li>Human behavior is not always predictable </li></ul><ul><li>The same individual may react to the same conditions differently at different times; or one individual may react differently from the way another individual would react. </li></ul>
  4. 4. Economics as a Science <ul><li>Economist (same other scientists) also work in a similar way </li></ul><ul><li>They used economic theories to explain how the economy works. </li></ul><ul><li>Oftentimes, more people are at the bargain counters of department stores compared to regular counters. </li></ul><ul><li>when departments stores and groceries conduct a “sale”, people rush to the said establishment and buy plenty of goods. </li></ul>Therefore… “ IF THE PRICE OF GOODS FALL, PEOPLE WILL WANT TO BUY MORE” 2. He gathers data, compares data against his hypothesis, validates his hypothesis… concludes that: “ A DECREASE IN THE PRICE OF A PARTICULAR GOOD MAKES CONSUMER WANT TO PURCHASE MORE OF THAT GOOD”
  5. 5. Why Economics is regarded as a science? <ul><li>It is an organized body of truth, </li></ul><ul><li>Coordinated, </li></ul><ul><li>Arranged, and </li></ul><ul><li>Systematized with reference to certain general laws and principles </li></ul><ul><li>However, laws and principles of economics are not as universal as the laws in physical science </li></ul><ul><li>Law of Diminishing Return </li></ul><ul><li>Law of Supply and Demand </li></ul><ul><li>It is more difficult to formulate universal laws in economics since individuals are being dealt with. </li></ul><ul><li>Reactions to a given set of conditions will vary because of differences in personality, environment, IQ and other factors. </li></ul>
  6. 6. Relationship of Economics to Other Sciences <ul><li>Math </li></ul><ul><li>Economic theory and analysis make use of algebra, calculus, and mathematical programming. </li></ul><ul><li>Mathematical process are involved in the construction of graphs and charts and in the tabulation of statistical data </li></ul><ul><li>Findings from Biological studies greatly influence trends in the market, agricultural production, and consumption. </li></ul><ul><li>Biology </li></ul>
  7. 7. <ul><li>Economics and Sociology are allied studies for both deal with individual’s relation to society since that society affects his or her behavior and way of life. </li></ul><ul><li>Both History and Economics deal with how a country struggle and its progress . </li></ul><ul><li>The stu dy of H istory involve s the st udy of Economics and vice versa for both are Social Sciences. </li></ul><ul><li>Sociology </li></ul><ul><li>History </li></ul>
  8. 8. <ul><li>Ethics points out the right and the wrong conduct in such matters as wealth, production, consumption, exchange, wage, profit, strike, labor, and private property. </li></ul><ul><li>Leveling influence </li></ul><ul><li>Civic problems are interrelated with Economic problems. </li></ul><ul><li>Civics deals with the problems of the government in maintaining a well-ordered society. </li></ul><ul><li>Economics treats these problems which individuals have to face as they participate in the affairs of the community. </li></ul><ul><li>Ethics </li></ul><ul><li>Civics </li></ul>
  9. 9. <ul><li>There is definite relation exists between Economics and Psychology. </li></ul><ul><li>The mere desire for good is a psychological fact; but when that desire is expressed in the purchase of those goods that psychological fact becomes economic fact. </li></ul><ul><li>Psychology </li></ul>
  10. 10. Fundamental Emphases or Concerns of Economics <ul><li>Economic is concerned with: </li></ul><ul><li>PRODUCTION </li></ul><ul><li>DISTRIBUTION </li></ul><ul><li>CONSUMPTION </li></ul><ul><li>PUBLIC FINANCE </li></ul>
  11. 11. IMPORTANCE <ul><li>the practice of thrift and wise consumption of goods, services and resources </li></ul><ul><li>The appreciation of the value of wealth </li></ul><ul><li>The understanding and learning of the meaning of sacrifice and savings in order to attain individual and social objectives. </li></ul><ul><li>These attitudes,when developed among the young, can contribute to nation building and help speed up the development of a country. </li></ul>ECONOMIZING

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