This lesson introduces students to applied economics. It defines key economic concepts like scarcity, needs, wants, opportunity costs, and different types of economic systems. Students learn about the basic economic problems of what, how much, and for whom to produce goods and services. They are introduced to factors of production, circular flow of economic activities, production possibility frontier, and quantitative and qualitative methods used in economic analysis like functions, graphs, theories, and time-series/cross-sectional data. The goal is for students to understand basic applied economic terms and tools.
Managerial Economics: myths and realities 1.pptxssalially
This document provides an overview of a Managerial Economics course. It outlines the course objectives, topics to be covered, teaching methods, assessment criteria, and recommended reading materials. The key topics include an introduction to economic concepts, production possibilities, market analysis, elasticity, production and cost theories, and market structures. The overall aim is to equip students with economic tools and techniques to analyze business decisions and strategies.
This document provides an overview and learning objectives for a textbook on economics. It introduces key economic concepts like scarcity, markets, opportunity cost, and microeconomics vs macroeconomics. It explains the role of models and assumptions in economic analysis. Graphs and formulas are presented in an appendix as tools for understanding economic relationships.
This document provides an overview and learning objectives for a textbook on economics. It introduces key economic concepts like scarcity, markets, opportunity cost, and microeconomics vs macroeconomics. It explains the role of models and assumptions in economic analysis. Graphs and formulas are presented in an appendix as tools for understanding economic relationships.
This document outlines key concepts from an economics lecture and chapter, including:
1. It introduces macroeconomics and microeconomics, and concepts like fiscal and monetary policy.
2. It discusses three basic economic models - the circular flow diagram, which shows the flow of goods and money between consumers, firms and the government; the production possibility frontier, which illustrates tradeoffs in producing different goods; and comparative advantage, which explains how trade benefits both parties.
3. It covers 12 principles of economics, such as scarcity, opportunity costs, margins, incentives, gains from trade, and equilibrium. It also distinguishes between theoretical, empirical, positive and normative economics.
Applied economics involves applying basic economic theories and econometrics to real-world situations to determine what outcomes are most likely. The document discusses positive economics, which objectively studies existing economic phenomena; normative economics, which considers what policies should aim to achieve; and applied economics, which examines the relationship between positive and normative economics through industry-specific research. Applied economics programs focus on concrete examples and specific conclusions to interpret real-world issues.
This document provides an introduction to a course on microeconomics principles taught by Akos Lada. It outlines the following key points:
1. The course objectives are to (re)introduce students to economics and its applications in public policy, familiarize students with economic vocabulary and tools, and focus on microeconomics principles.
2. The content will cover topics like demand and supply, elasticity, market interventions, welfare analysis, production, competition and externalities over 4 weeks. Assignments include readings, problem sets, and exams to evaluate students without official grades.
3. The document reviews some of the key economic principles taught in the course, including the concepts of scarcity, opportunity costs,
The document provides an introduction to economics, covering what economics studies, the methods it employs, and its approaches. It discusses key economic concepts like scarcity, opportunity cost, and different types of economies. Specifically, it explains that economics studies how scarce resources are used, employs the scientific method and models, and takes micro and macro approaches. It also defines concepts like scarcity, utility, opportunity cost, and different economic systems like market, command, and mixed economies.
Managerial Economics: myths and realities 1.pptxssalially
This document provides an overview of a Managerial Economics course. It outlines the course objectives, topics to be covered, teaching methods, assessment criteria, and recommended reading materials. The key topics include an introduction to economic concepts, production possibilities, market analysis, elasticity, production and cost theories, and market structures. The overall aim is to equip students with economic tools and techniques to analyze business decisions and strategies.
This document provides an overview and learning objectives for a textbook on economics. It introduces key economic concepts like scarcity, markets, opportunity cost, and microeconomics vs macroeconomics. It explains the role of models and assumptions in economic analysis. Graphs and formulas are presented in an appendix as tools for understanding economic relationships.
This document provides an overview and learning objectives for a textbook on economics. It introduces key economic concepts like scarcity, markets, opportunity cost, and microeconomics vs macroeconomics. It explains the role of models and assumptions in economic analysis. Graphs and formulas are presented in an appendix as tools for understanding economic relationships.
This document outlines key concepts from an economics lecture and chapter, including:
1. It introduces macroeconomics and microeconomics, and concepts like fiscal and monetary policy.
2. It discusses three basic economic models - the circular flow diagram, which shows the flow of goods and money between consumers, firms and the government; the production possibility frontier, which illustrates tradeoffs in producing different goods; and comparative advantage, which explains how trade benefits both parties.
3. It covers 12 principles of economics, such as scarcity, opportunity costs, margins, incentives, gains from trade, and equilibrium. It also distinguishes between theoretical, empirical, positive and normative economics.
Applied economics involves applying basic economic theories and econometrics to real-world situations to determine what outcomes are most likely. The document discusses positive economics, which objectively studies existing economic phenomena; normative economics, which considers what policies should aim to achieve; and applied economics, which examines the relationship between positive and normative economics through industry-specific research. Applied economics programs focus on concrete examples and specific conclusions to interpret real-world issues.
This document provides an introduction to a course on microeconomics principles taught by Akos Lada. It outlines the following key points:
1. The course objectives are to (re)introduce students to economics and its applications in public policy, familiarize students with economic vocabulary and tools, and focus on microeconomics principles.
2. The content will cover topics like demand and supply, elasticity, market interventions, welfare analysis, production, competition and externalities over 4 weeks. Assignments include readings, problem sets, and exams to evaluate students without official grades.
3. The document reviews some of the key economic principles taught in the course, including the concepts of scarcity, opportunity costs,
The document provides an introduction to economics, covering what economics studies, the methods it employs, and its approaches. It discusses key economic concepts like scarcity, opportunity cost, and different types of economies. Specifically, it explains that economics studies how scarce resources are used, employs the scientific method and models, and takes micro and macro approaches. It also defines concepts like scarcity, utility, opportunity cost, and different economic systems like market, command, and mixed economies.
DECO405_MANAGERIAL_ECONOMICS_ENGLISH.pdfPeter Banda
1. Division of labor - Specialization of tasks leads to increasing productivity and economic growth through virtuous circles.
2. Opportunity cost - The cost of any decision is the next best alternative forgone. This underpins concepts like scarcity, production possibility frontier, and discounting of investment returns.
3. Equimarginal principle - Resources are allocated efficiently when marginal benefits and costs are equal at the margin. This relates to market efficiency and externalities.
4. Market equilibrium - The interaction of supply and demand determines price and quantity in perfectly competitive markets. Elasticity, entry, and substitution principles also apply.
The document provides an overview of key economic concepts from an introductory economics textbook. It defines economics as the study of choice under scarcity and discusses the three economic questions of what, how, and for whom to produce. It also outlines the key principles of economics, including opportunity cost, marginal analysis, voluntary exchange, diminishing returns, and the difference between real and nominal values. The document uses examples and diagrams to illustrate these fundamental economic concepts.
This document outlines an assessment task for a Stage 1 Economics course. Students are asked to analyze 4 media articles about economic issues using 4 key economic concepts: scarcity, opportunity cost, use of resources, and benefit-cost analysis. For each article, students must define the concept, analyze how the article illustrates it, and discuss how it shows an understanding of economic interdependence. Submissions are limited to 800 words and must include the articles. The assessment criteria evaluate students' knowledge and understanding of economics, ability to analyze issues, and communication skills when discussing concepts, principles and using terminology. Performance standards range from A (comprehensive and astute) to E (emerging and limited).
Premier University
[B.B.A]
Course Teacher: Assistant Professor. Anupam Das
University of Chittagong
Course Title: Managerial Economic
Presentation Subject: Introduction to Managerial Economic
Semester: 7th Section: “A” Batch :22nd
Group Name: D’14
E-mail : mdsaimonchy@yahoo.com
This document provides an introduction to microeconomics. It discusses the definitions of economics, focusing on the scarcity definition. It also covers opportunity cost and the production possibilities frontier to illustrate scarcity. The document outlines the scope, methodology, and branches of economics, distinguishing between positive and normative analysis. Microeconomics is defined as dealing with the behaviors of individual economic units like consumers and firms.
This document provides an introduction to managerial economics and demand analysis. It discusses key topics including:
- The objectives of managerial economics in understanding concepts like demand, elasticity, and demand forecasting.
- An overview of demand analysis including the demand function, law of demand, price elasticity, factors determining price elasticity, and demand forecasting methods.
- The relationship between managerial economics and other subjects like traditional economics, operations research, statistics, accounting, psychology, organizational behavior, and computer science in assisting managerial decision making.
This document provides an overview of a Principles of Macroeconomics course. It outlines the course content which covers topics such as aggregate expenditure, fiscal policy, money and monetary policy, aggregate demand and supply, unemployment, inflation, economic growth, and open economy macroeconomics. The objectives are to provide students with a basic understanding of macroeconomic concepts and models and enable them to apply their knowledge to current economic issues and policy analysis. The course will be implemented through lectures, discussions, exams and class participation. Suggested textbooks are also listed.
This chapter introduces economics and key concepts like scarcity, trade-offs, and opportunity costs. It discusses how economists use models to study the real world. The main points are:
1) Economics involves making choices because resources are scarce and wants exceed what's available. The four factors of production are land, labor, capital, and entrepreneurship.
2) Trade-offs require sacrificing one thing for another and create opportunity costs, like the value of the next best alternative given up. Production possibilities curves illustrate the maximum amounts of two items an economy can produce.
3) Economists use models as simplified representations to explain behavior. Microeconomics examines individuals and firms while macroeconomics looks at whole economies
This document provides an overview of key concepts in economics. It defines economics as concerned with efficient use of scarce resources to satisfy unlimited human wants. It describes the economic perspective as focused on scarcity, rational behavior, and marginal analysis of costs and benefits. It explains that economics uses the scientific method and theoretical and policy approaches. It distinguishes between microeconomics which examines specific units, and macroeconomics which examines the economy as a whole. The document also covers positive versus normative economics and potential pitfalls to objective economic thinking.
This document provides an introduction to a macroeconomics module taught at the Foreign Trade University in Vietnam. It outlines the module context, aims, objectives, learning outcomes, teaching methods, and assessment. The module is designed to provide undergraduate students with an understanding of important macroeconomic factors and variables. It will analyze how macroeconomic variables interact in the economy and how economic theories can be used to understand real-world events. Students will learn about macroeconomic policies and different cases of using policies to develop economies. The module will be taught through lectures, discussions, and student assignments and presentations. Students will be assessed based on a written assignment, final exam, and class participation.
This document provides an introduction to a microeconomics course. It outlines that students will learn fundamental economic tools and analysis. The course consists of lectures introducing concepts and problem sets discussed in recitation. Topics to be covered include positive and normative analysis, market definition, and the consumer price index (CPI) measure of inflation. Grades are based on problem sets, quizzes, a midterm, and final exam. The introduction concludes with an overview of key microeconomic concepts.
This document provides an overview of the subject of Managerial Economics. It begins by defining Managerial Economics as the application of economic theory and quantitative techniques to solve business problems related to managerial decision making. It then discusses the nature of Managerial Economics, noting that it draws on microeconomic theory and tools like mathematical economics and econometrics. The document also explains how economics relates to managerial decision problems and gives several examples. Finally, it briefly discusses the role of scarcity in managerial decision making, as businesses must allocate their limited resources efficiently among competing ends.
Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations.
This document provides an overview of the materials and topics that will be covered in Ms. J. Hernandez's Summer Economics class. It includes a list of materials students should bring to each class, as well as materials needed outside of class. The first chapter that will be covered is on the fundamental economic problem of scarcity and the definitions of key economic terms. Students are asked to define terms like scarcity, needs, wants, and TINSTAAFL (there is no such thing as a free lunch). They are also asked questions about the difference between needs and wants and the fundamental economic problem societies face. Subsequent sections will cover factors of production, the circular flow model, productivity and economic growth. Students will learn about concepts like
This document provides an overview of microeconomics concepts including:
1. Definitions of economics from various sources emphasizing scarcity and choice.
2. The three basic economic problems of what, how, and for whom to produce as well as other problems like efficiency and growth.
3. Types of economies including centrally planned, market, and mixed and their key characteristics.
4. Positive and normative economics and deductive and inductive methods of analysis.
5. Consumer behavior theory including utility, budget constraints, indifference curves, and equilibrium.
1) The document discusses an economics homework assignment asking students to write a 1,050-word paper on supply and demand equilibrium, consumer and producer surplus, externalities, and tax systems.
2) Students are asked to explain how supply and demand equilibrium increases efficiency, and how consumer and producer surplus demonstrate this.
3) The paper also requires discussing how externalities can disrupt market equilibrium and policies governments use to remedy externality problems, as well as analyzing the difference between tax system efficiency and equity.
This chapter introduces key concepts in managerial economics. It defines economics as the study of how societies address scarce resources and unlimited wants. It also defines managerial economics as applying economic theory and analysis to organizational decision-making. Finally, it discusses how managerial economics relates to other disciplines and can help evaluate trade-offs across management functions like finance, marketing, and operations.
Introduction to Managerial Economics, What is Business Economics, Definition,SCOPE OF ECONOMICS, Scope of BE in Managerial Decision Making, Role of business economics,Comparing Business Economics And Economics, Relevance of Business Economics, Factors of Production, CENTRAL PROBLEMS OF AN ECONOMY OR BASIC ECONOMIC PROBLEMS
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
DECO405_MANAGERIAL_ECONOMICS_ENGLISH.pdfPeter Banda
1. Division of labor - Specialization of tasks leads to increasing productivity and economic growth through virtuous circles.
2. Opportunity cost - The cost of any decision is the next best alternative forgone. This underpins concepts like scarcity, production possibility frontier, and discounting of investment returns.
3. Equimarginal principle - Resources are allocated efficiently when marginal benefits and costs are equal at the margin. This relates to market efficiency and externalities.
4. Market equilibrium - The interaction of supply and demand determines price and quantity in perfectly competitive markets. Elasticity, entry, and substitution principles also apply.
The document provides an overview of key economic concepts from an introductory economics textbook. It defines economics as the study of choice under scarcity and discusses the three economic questions of what, how, and for whom to produce. It also outlines the key principles of economics, including opportunity cost, marginal analysis, voluntary exchange, diminishing returns, and the difference between real and nominal values. The document uses examples and diagrams to illustrate these fundamental economic concepts.
This document outlines an assessment task for a Stage 1 Economics course. Students are asked to analyze 4 media articles about economic issues using 4 key economic concepts: scarcity, opportunity cost, use of resources, and benefit-cost analysis. For each article, students must define the concept, analyze how the article illustrates it, and discuss how it shows an understanding of economic interdependence. Submissions are limited to 800 words and must include the articles. The assessment criteria evaluate students' knowledge and understanding of economics, ability to analyze issues, and communication skills when discussing concepts, principles and using terminology. Performance standards range from A (comprehensive and astute) to E (emerging and limited).
Premier University
[B.B.A]
Course Teacher: Assistant Professor. Anupam Das
University of Chittagong
Course Title: Managerial Economic
Presentation Subject: Introduction to Managerial Economic
Semester: 7th Section: “A” Batch :22nd
Group Name: D’14
E-mail : mdsaimonchy@yahoo.com
This document provides an introduction to microeconomics. It discusses the definitions of economics, focusing on the scarcity definition. It also covers opportunity cost and the production possibilities frontier to illustrate scarcity. The document outlines the scope, methodology, and branches of economics, distinguishing between positive and normative analysis. Microeconomics is defined as dealing with the behaviors of individual economic units like consumers and firms.
This document provides an introduction to managerial economics and demand analysis. It discusses key topics including:
- The objectives of managerial economics in understanding concepts like demand, elasticity, and demand forecasting.
- An overview of demand analysis including the demand function, law of demand, price elasticity, factors determining price elasticity, and demand forecasting methods.
- The relationship between managerial economics and other subjects like traditional economics, operations research, statistics, accounting, psychology, organizational behavior, and computer science in assisting managerial decision making.
This document provides an overview of a Principles of Macroeconomics course. It outlines the course content which covers topics such as aggregate expenditure, fiscal policy, money and monetary policy, aggregate demand and supply, unemployment, inflation, economic growth, and open economy macroeconomics. The objectives are to provide students with a basic understanding of macroeconomic concepts and models and enable them to apply their knowledge to current economic issues and policy analysis. The course will be implemented through lectures, discussions, exams and class participation. Suggested textbooks are also listed.
This chapter introduces economics and key concepts like scarcity, trade-offs, and opportunity costs. It discusses how economists use models to study the real world. The main points are:
1) Economics involves making choices because resources are scarce and wants exceed what's available. The four factors of production are land, labor, capital, and entrepreneurship.
2) Trade-offs require sacrificing one thing for another and create opportunity costs, like the value of the next best alternative given up. Production possibilities curves illustrate the maximum amounts of two items an economy can produce.
3) Economists use models as simplified representations to explain behavior. Microeconomics examines individuals and firms while macroeconomics looks at whole economies
This document provides an overview of key concepts in economics. It defines economics as concerned with efficient use of scarce resources to satisfy unlimited human wants. It describes the economic perspective as focused on scarcity, rational behavior, and marginal analysis of costs and benefits. It explains that economics uses the scientific method and theoretical and policy approaches. It distinguishes between microeconomics which examines specific units, and macroeconomics which examines the economy as a whole. The document also covers positive versus normative economics and potential pitfalls to objective economic thinking.
This document provides an introduction to a macroeconomics module taught at the Foreign Trade University in Vietnam. It outlines the module context, aims, objectives, learning outcomes, teaching methods, and assessment. The module is designed to provide undergraduate students with an understanding of important macroeconomic factors and variables. It will analyze how macroeconomic variables interact in the economy and how economic theories can be used to understand real-world events. Students will learn about macroeconomic policies and different cases of using policies to develop economies. The module will be taught through lectures, discussions, and student assignments and presentations. Students will be assessed based on a written assignment, final exam, and class participation.
This document provides an introduction to a microeconomics course. It outlines that students will learn fundamental economic tools and analysis. The course consists of lectures introducing concepts and problem sets discussed in recitation. Topics to be covered include positive and normative analysis, market definition, and the consumer price index (CPI) measure of inflation. Grades are based on problem sets, quizzes, a midterm, and final exam. The introduction concludes with an overview of key microeconomic concepts.
This document provides an overview of the subject of Managerial Economics. It begins by defining Managerial Economics as the application of economic theory and quantitative techniques to solve business problems related to managerial decision making. It then discusses the nature of Managerial Economics, noting that it draws on microeconomic theory and tools like mathematical economics and econometrics. The document also explains how economics relates to managerial decision problems and gives several examples. Finally, it briefly discusses the role of scarcity in managerial decision making, as businesses must allocate their limited resources efficiently among competing ends.
Business economics is a field of applied economics that studies the financial, organizational, market-related, and environmental issues faced by corporations.
This document provides an overview of the materials and topics that will be covered in Ms. J. Hernandez's Summer Economics class. It includes a list of materials students should bring to each class, as well as materials needed outside of class. The first chapter that will be covered is on the fundamental economic problem of scarcity and the definitions of key economic terms. Students are asked to define terms like scarcity, needs, wants, and TINSTAAFL (there is no such thing as a free lunch). They are also asked questions about the difference between needs and wants and the fundamental economic problem societies face. Subsequent sections will cover factors of production, the circular flow model, productivity and economic growth. Students will learn about concepts like
This document provides an overview of microeconomics concepts including:
1. Definitions of economics from various sources emphasizing scarcity and choice.
2. The three basic economic problems of what, how, and for whom to produce as well as other problems like efficiency and growth.
3. Types of economies including centrally planned, market, and mixed and their key characteristics.
4. Positive and normative economics and deductive and inductive methods of analysis.
5. Consumer behavior theory including utility, budget constraints, indifference curves, and equilibrium.
1) The document discusses an economics homework assignment asking students to write a 1,050-word paper on supply and demand equilibrium, consumer and producer surplus, externalities, and tax systems.
2) Students are asked to explain how supply and demand equilibrium increases efficiency, and how consumer and producer surplus demonstrate this.
3) The paper also requires discussing how externalities can disrupt market equilibrium and policies governments use to remedy externality problems, as well as analyzing the difference between tax system efficiency and equity.
This chapter introduces key concepts in managerial economics. It defines economics as the study of how societies address scarce resources and unlimited wants. It also defines managerial economics as applying economic theory and analysis to organizational decision-making. Finally, it discusses how managerial economics relates to other disciplines and can help evaluate trade-offs across management functions like finance, marketing, and operations.
Introduction to Managerial Economics, What is Business Economics, Definition,SCOPE OF ECONOMICS, Scope of BE in Managerial Decision Making, Role of business economics,Comparing Business Economics And Economics, Relevance of Business Economics, Factors of Production, CENTRAL PROBLEMS OF AN ECONOMY OR BASIC ECONOMIC PROBLEMS
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
South African Journal of Science: Writing with integrity workshop (2024)
Applied-econ.pptx
1.
2. Lesson 1:
Overview of Applied
Economics
Objectives:
At the end of the lesson the students are
able to:
define applied economics and understand the
basic terms.
Identify the basic economic problems of
a country
Identify the tools and methods in
economics
Differentiate the main branches of
economics
3. Lesson 1: Introduction to Applied Economics
Applied Economics
As the name implies, is the
application of economic
theories and models in real life
6. Lesson 1: Introduction to Applied Economics
Opportunity Cost , Absolute
Advantage and Comparative
Advantage
The benefit you give up
because you chose to
take action in favor of
another
7. Lesson 1: Introduction to Applied Economics
Opportunity Cost , Absolute
Advantage and Comparative
Advantage
Having the ability to produce
more output compared to
another entity.
8. Lesson 1: Introduction to Applied Economics
Opportunity Cost , Absolute Advantage and
Comparative Advantage
William Dave
9. Lesson 1: Introduction to Applied Economics
Opportunity Cost , Absolute Advantage and
Comparative Advantage
William Dave
Pies
=
4
____
2
Pies=
6
____
4
2
____
1 =
3
____
2
= 0.5 = 0.67
=
10. Lesson 1: Introduction to Applied Economics
Opportunity Cost , Absolute Advantage and
Comparative Advantage
William Dave
Cakes
=
2
____
4
Cakes=
4
____
6
1
____
2 =
2
____
3
= 2 = 1.5
=
11. Lesson 1: Introduction to Applied Economics
Opportunity Cost , Absolute Advantage and
Comparative Advantage
Means having a lower
Opportunity Cost
12. Lesson 1: Introduction to Applied Economics
Quiz
Country Dried Mango (kg) Chocolate (kg)
Philippines 200 150
Indonesia 120 130
A. Graphs
C. Opportunity Costs
D. Specialization
B. Absolute Advantage
13. Lesson 1: Introduction to Applied Economics
Quiz
Country Dried Mango (kg) Chocolate (kg)
Philippines 200 150
Indonesia 120 130
A. Graphs
C. Opportunity Costs
D. Specialization
B. Absolute Advantage
14. Lesson 1: Introduction to Applied Economics
Basic Economic Problems
WHAT to produce?
Resources determine Goods/Services to be produced
15. Lesson 1: Introduction to Applied Economics
Basic Economic Problems
HOW MUCH to produce?
*Amount of Resources
*Number of Consumers
16. Lesson 1: Introduction to Applied Economics
Basic Economic Problems
HOW to Produce it?
*Kind of Goods to be produced
*Factors of production available
17. Lesson 1: Introduction to Applied Economics
Basic Economic Problems
FOR WHOM to Produce?
*Kind of Consumer
18. Lesson 1: Introduction to Applied Economics
Basic Economic Problems
WHO gets to make these
decisions?
*Kind of
Economy/Government
Structure
5.
19. Traditional Economies
Def: Economic
Questions answered by
custom
Predominately
Agricultural
Developing or “3rd
World”
Trade and barter
oriented
Low GDP & PCI (per
capita income = avg.
inc.)
20. Command Economies
Def: Economic
questions answered by
the government
Very little economic
choice
No private ownership
Communism
Old Soviet Union, old
Communist China,
Cuba and North Korea
21. Free Market (Capitalist) Economies
Economic questions
answered by
producers and
consumers
Limited government
involvement
Private property rights
Wide variety of
choices and products
U.S., Japan
22. Mixed Economy/Socialism
Government involvement
and ownership and control
of property, of decision
making, and companies.
Government control of
business
Social “safety net” for
people
Socialism
Common in Europe, Latin
America, and Africa
23. Lesson 1: Introduction to Applied Economics
Factors for Production
Land
Represents land and
similar natural resources.
24. Lesson 1: Introduction to Applied Economics
Factors for Production
Labor
Represents human capital
such as workers and
employees that transform
raw material and regulate
equipment to produce
goods and services.
25. Lesson 1: Introduction to Applied Economics
Factors for Production
Capital
Represents physical
assets such as
production facilities,
warehouses, equipment,
and technology used in
the production of goods
and services.
26. Lesson 1: Introduction to Applied Economics
Factors for Production
Entrepreneurship
Represents the factor
that decides how much
of and in what way the
other factors are to be
used in production.
28. Lesson 1: Introduction to Applied Economics
Production Possibility Frontier
The PPF is an application
of the concept of
allocation of resources
and factors of
production
29. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Qualitative
vs
Quantitative Approach
Focuses on directional
relationship of different
economic variables
30. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Qualitative
vs
Quantitative Approach
31. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Qualitative
vs
Quantitative Approach
32. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Qualitative
vs
Quantitative Approach
Involves
mathematical and
statistical analysis of
economic data.
33. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Qualitative
vs
Quantitative Approach
34. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Economic
Variables
Generally, a variable is
an element that can
change, in contrast to
a fixed one.
35. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Economic
Variables
36. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Functions
And
Economic
Equations
Explain the
relationship between
two or more
economic variables
37. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Functions
And
Economic
Equations
38. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Functions
And
Economic
Equations
D = f (P)
“Demand is a function of Price.”
The price of a product
determines the demand for it.
P= Independent Variable
D= Dependent Variable
39. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Functions
And
Economic
Equations
A mathematical expression of an
economic thought or concept
40. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Functions
And
Economic
Equations
Y = C+I+G+Xn (1)
Y = C+I+G+(X-M) (2)
Y = f (C,I,G,X,M) (3)
Y = National Income
C = Consumption
I = Investments
G = Government Exp/.
X =
Exports
M= Imports
Xn = Net
Exports
41. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Graphs
Provides visual
representation of the
relationship between two
or more economic variables
43. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Economic
Theories
And
Economic Models
These are statements or
observations on the relationship
of variables.
44. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Economic
Theories
And
Economic Models
Example:
Marginal Utility Theory
It states that people buy
goods that give the
highest personal
satisfaction.
45. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Economic
Theories
And
Economic Models
Models are generally
representations of reality.
Specifically, Economic Models
are the representations of
economic and social pehomena
analyzed using research,
observations and testing.
46. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Economic
Theories
And
Economic Models
47. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Time-Series
And
Cross-sectional
Data
Means that data are collected
for particular element(s) for
several time-periods.
48. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Type of
Expenditure
2005 2006 2007 2008 2009 2010
1. Household
final
consumption
expenditure
P4,259,131 P4,667,986 P5,739,592 P5,739,592 P4,993,427 6,442,033
2. Government
Consumption
P3,526,729 P3,777,256 P4,989,237 P4,998,232 P5,003,123 P5,132,231
3. Capital
Formation
P1,233,232 P1,732,897 P1,525,980 P2,098,256 P2,153,153 P2,986,578
4. Exports P5,123,232 P5,564,765 P6,121,234 P6,564,335 P6,986,566 P7,121,232
5. Less:Imports P3,123,321 P3,457,864 P3,555,753 P4,012,216 P5,123,123 P5,708,763
49. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Time-Series
And
Cross-sectional
Data
Include different variables for a
single time period.
50. Lesson 1: Introduction to Applied Economics
Methods Used in Economic Analyses
Type of Expenditure 2005
1. Household final consumption
expenditure
P4,259,131
2. Government Consumption P3,526,729
3. Capital Formation P1,233,232
4. Exports P5,123,232
5. Less:Imports P3,123,321