Applied Economics
based on the book Applied Economics by R. P. Dinio, PhD
and G. A. Villasis
Learning Competencies Covered:
ABM_AE12-Ia-d1
ABM_AE12-Ia-d2
ABM_AE12-Ia-d3
Note: Just notice the technical error in my slide Economic System. The last column should be Market Economy.
Thanks for understanding.
Introduction to Economics, Basics of Managerial Economics, Introduction to Economics, Nature and Scope of Managerial Economics, Managerial Economics & Economics Related Disciplines Interrelationship with Other Subjects, Economics Tools.
Applied Economics
based on the book Applied Economics by R. P. Dinio, PhD
and G. A. Villasis
Learning Competencies Covered:
ABM_AE12-Ia-d1
ABM_AE12-Ia-d2
ABM_AE12-Ia-d3
Note: Just notice the technical error in my slide Economic System. The last column should be Market Economy.
Thanks for understanding.
Introduction to Economics, Basics of Managerial Economics, Introduction to Economics, Nature and Scope of Managerial Economics, Managerial Economics & Economics Related Disciplines Interrelationship with Other Subjects, Economics Tools.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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NNiikk
Nike Supply Chain
Globalization of Nike
Nike Manufacturing Process
Rubber Materials Nike
Ethylene Vinyl Acetate Nike
Genuine Leather Nike
Synthetic Leather Nike
Cotton in Nike Apparel
Nike Shops Worldwide
Nike Manufacturing Countries
Cold Cement Assembly Nike
3D Printing Nike Shoes
Nike Product Development
Nike Marketing Strategies
Nike Customer Feedback
Nike Distribution Centers
Automation in Nike Manufacturing
Nike Consumer Direct Acceleration
Nike Logistics and Transport
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
PPrreesseenntteedd bbyy:: GGrroouupp 66
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l
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4
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c
o
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t
r
i
e
s.
AAuussttrraalliiaa
China
India
IInnddoonneessiiaa
TThhaaiillaanndd
TTuurrkkeeyy
USA
VViieettnnaamm
NNiikkee SSuuppppllyy CChhaaiinn
RRuubbbbeerr,, FFaabbrriicc
aanndd ootthheerr rraaww
mmaatteerriiaallss
Shoe
MMaannuuffaaccttuurriinngg
aanndd AAsssseemmbbllyy
MMaarrkkeettiinngg
SSppoorrttiinngg ggooooddss,,
ddeevveellooppmmeenntt
aanndd SShhooee ssttoorreess
OOnnlliinnee,, CCaattaalloogg
aanndd ootthheerr rreettaaiill
NNiikkee bbrraannddeedd
shoes
PPrroodduucctt
ddeevveellooppmmeenntt
CCuussttoommeerr nneeeeddss//wwaannttss ffeeeeddbbaacckk
NNiikk
Nike Supply Chain
Globalization of Nike
Nike Manufacturing Process
Rubber Materials Nike
Ethylene Vinyl Acetate Nike
Genuine Leather Nike
Synthetic Leather Nike
Cotton in Nike Apparel
Nike Shops Worldwide
Nike Manufacturing Countries
Cold Cement Assembly Nike
3D Printing Nike Shoes
Nike Product Development
Nike Marketing Strategies
Nike Customer Feedback
Nike Distribution Centers
Automation in Nike Manufacturing
Nike Consumer Direct Acceleration
Nike Logistics and Transport
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
Product Design Trends in 2024 | Teenage EngineeringsPixeldarts
The realm of product design is a constantly changing environment where technology and style intersect. Every year introduces fresh challenges and exciting trends that mold the future of this captivating art form. In this piece, we delve into the significant trends set to influence the look and functionality of product design in the year 2024.
How Race, Age and Gender Shape Attitudes Towards Mental HealthThinkNow
Mental health has been in the news quite a bit lately. Dozens of U.S. states are currently suing Meta for contributing to the youth mental health crisis by inserting addictive features into their products, while the U.S. Surgeon General is touring the nation to bring awareness to the growing epidemic of loneliness and isolation. The country has endured periods of low national morale, such as in the 1970s when high inflation and the energy crisis worsened public sentiment following the Vietnam War. The current mood, however, feels different. Gallup recently reported that national mental health is at an all-time low, with few bright spots to lift spirits.
To better understand how Americans are feeling and their attitudes towards mental health in general, ThinkNow conducted a nationally representative quantitative survey of 1,500 respondents and found some interesting differences among ethnic, age and gender groups.
Technology
For example, 52% agree that technology and social media have a negative impact on mental health, but when broken out by race, 61% of Whites felt technology had a negative effect, and only 48% of Hispanics thought it did.
While technology has helped us keep in touch with friends and family in faraway places, it appears to have degraded our ability to connect in person. Staying connected online is a double-edged sword since the same news feed that brings us pictures of the grandkids and fluffy kittens also feeds us news about the wars in Israel and Ukraine, the dysfunction in Washington, the latest mass shooting and the climate crisis.
Hispanics may have a built-in defense against the isolation technology breeds, owing to their large, multigenerational households, strong social support systems, and tendency to use social media to stay connected with relatives abroad.
Age and Gender
When asked how individuals rate their mental health, men rate it higher than women by 11 percentage points, and Baby Boomers rank it highest at 83%, saying it’s good or excellent vs. 57% of Gen Z saying the same.
Gen Z spends the most amount of time on social media, so the notion that social media negatively affects mental health appears to be correlated. Unfortunately, Gen Z is also the generation that’s least comfortable discussing mental health concerns with healthcare professionals. Only 40% of them state they’re comfortable discussing their issues with a professional compared to 60% of Millennials and 65% of Boomers.
Race Affects Attitudes
As seen in previous research conducted by ThinkNow, Asian Americans lag other groups when it comes to awareness of mental health issues. Twenty-four percent of Asian Americans believe that having a mental health issue is a sign of weakness compared to the 16% average for all groups. Asians are also considerably less likely to be aware of mental health services in their communities (42% vs. 55%) and most likely to seek out information on social media (51% vs. 35%).
AI Trends in Creative Operations 2024 by Artwork Flow.pdfmarketingartwork
This article is all about what AI trends will emerge in the field of creative operations in 2024. All the marketers and brand builders should be aware of these trends for their further use and save themselves some time!
A report by thenetworkone and Kurio.
The contributing experts and agencies are (in an alphabetical order): Sylwia Rytel, Social Media Supervisor, 180heartbeats + JUNG v MATT (PL), Sharlene Jenner, Vice President - Director of Engagement Strategy, Abelson Taylor (USA), Alex Casanovas, Digital Director, Atrevia (ES), Dora Beilin, Senior Social Strategist, Barrett Hoffher (USA), Min Seo, Campaign Director, Brand New Agency (KR), Deshé M. Gully, Associate Strategist, Day One Agency (USA), Francesca Trevisan, Strategist, Different (IT), Trevor Crossman, CX and Digital Transformation Director; Olivia Hussey, Strategic Planner; Simi Srinarula, Social Media Manager, The Hallway (AUS), James Hebbert, Managing Director, Hylink (CN / UK), Mundy Álvarez, Planning Director; Pedro Rojas, Social Media Manager; Pancho González, CCO, Inbrax (CH), Oana Oprea, Head of Digital Planning, Jam Session Agency (RO), Amy Bottrill, Social Account Director, Launch (UK), Gaby Arriaga, Founder, Leonardo1452 (MX), Shantesh S Row, Creative Director, Liwa (UAE), Rajesh Mehta, Chief Strategy Officer; Dhruv Gaur, Digital Planning Lead; Leonie Mergulhao, Account Supervisor - Social Media & PR, Medulla (IN), Aurelija Plioplytė, Head of Digital & Social, Not Perfect (LI), Daiana Khaidargaliyeva, Account Manager, Osaka Labs (UK / USA), Stefanie Söhnchen, Vice President Digital, PIABO Communications (DE), Elisabeth Winiartati, Managing Consultant, Head of Global Integrated Communications; Lydia Aprina, Account Manager, Integrated Marketing and Communications; Nita Prabowo, Account Manager, Integrated Marketing and Communications; Okhi, Web Developer, PNTR Group (ID), Kei Obusan, Insights Director; Daffi Ranandi, Insights Manager, Radarr (SG), Gautam Reghunath, Co-founder & CEO, Talented (IN), Donagh Humphreys, Head of Social and Digital Innovation, THINKHOUSE (IRE), Sarah Yim, Strategy Director, Zulu Alpha Kilo (CA).
Trends In Paid Search: Navigating The Digital Landscape In 2024Search Engine Journal
The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands.
It’s important that you’re ready to implement new strategies in 2024.
Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024.
You’ll learn:
- The latest trends in AI and automation, and what this means for an evolving paid search ecosystem.
- New developments in privacy and data regulation.
- Emerging ad formats that are expected to make an impact next year.
Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape.
If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
5 Public speaking tips from TED - Visualized summarySpeakerHub
From their humble beginnings in 1984, TED has grown into the world’s most powerful amplifier for speakers and thought-leaders to share their ideas. They have over 2,400 filmed talks (not including the 30,000+ TEDx videos) freely available online, and have hosted over 17,500 events around the world.
With over one billion views in a year, it’s no wonder that so many speakers are looking to TED for ideas on how to share their message more effectively.
The article “5 Public-Speaking Tips TED Gives Its Speakers”, by Carmine Gallo for Forbes, gives speakers five practical ways to connect with their audience, and effectively share their ideas on stage.
Whether you are gearing up to get on a TED stage yourself, or just want to master the skills that so many of their speakers possess, these tips and quotes from Chris Anderson, the TED Talks Curator, will encourage you to make the most impactful impression on your audience.
See the full article and more summaries like this on SpeakerHub here: https://speakerhub.com/blog/5-presentation-tips-ted-gives-its-speakers
See the original article on Forbes here:
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/carminegallo/2016/05/06/5-public-speaking-tips-ted-gives-its-speakers/&refURL=&referrer=#5c07a8221d9b
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
Everyone is in agreement that ChatGPT (and other generative AI tools) will shape the future of work. Yet there is little consensus on exactly how, when, and to what extent this technology will change our world.
Businesses that extract maximum value from ChatGPT will use it as a collaborative tool for everything from brainstorming to technical maintenance.
For individuals, now is the time to pinpoint the skills the future professional will need to thrive in the AI age.
Check out this presentation to understand what ChatGPT is, how it will shape the future of work, and how you can prepare to take advantage.
A brief introduction to DataScience with explaining of the concepts, algorithms, machine learning, supervised and unsupervised learning, clustering, statistics, data preprocessing, real-world applications etc.
It's part of a Data Science Corner Campaign where I will be discussing the fundamentals of DataScience, AIML, Statistics etc.
Time Management & Productivity - Best PracticesVit Horky
Here's my presentation on by proven best practices how to manage your work time effectively and how to improve your productivity. It includes practical tips and how to use tools such as Slack, Google Apps, Hubspot, Google Calendar, Gmail and others.
The six step guide to practical project managementMindGenius
The six step guide to practical project management
If you think managing projects is too difficult, think again.
We’ve stripped back project management processes to the
basics – to make it quicker and easier, without sacrificing
the vital ingredients for success.
“If you’re looking for some real-world guidance, then The Six Step Guide to Practical Project Management will help.”
Dr Andrew Makar, Tactical Project Management
2. UNIT I-INTRODUCTION
UNIT I INTRODUCTION - The themes of
economics – scarcity and efficiency – three
fundamental economic problems – society’s
capability – Production possibility frontiers
(PPF) – Productive efficiency Vs economic
efficiency – economic growth & stability –
Micro economies and Macro economies – the
role of markets and government – Positive
Vs negative externalities.
4. Meaning of Economics
The word "economics" is derived from
a Greek word "oikonomia" which
means "household management" or
"management of house affairs" i.e.,
how people earn income and
resources and how they spend them
on their necessities, comforts and
luxuries.
5. Needs of Economics
Economics deals with a wide range of human activities to
satisfy human wants.
• It deals with the society problems such as
unemployment, poverty, productivity and government
policies.
• It studies how wealth (money) is produced with limited
resources in order to satisfy
human wants.
6. IMPORTANCE OF THE STUDY OF ECONOMICS.
• The knowledge of economics helps in solving many problems.
• The knowledge of economics is essential to conquer
(overcome a problem) poverty of the millions of people and to
raise their standard of living.
• It explains the relationship between the producer and
consumer, the labour and the management.
• It gives the businessmen and industrialists the knowledge of
modern methods.
• By studying economics we can discover new factors that may
lead to increase the national wealth. Without the knowledge of
economics, this is absolutely impossible.
7. Continu……
The knowledge of economics is very essential for the finance minister.
a) It helps in framing the system of taxation.
b) It helps in formulating the budget for development.
c) It helps in removing unemployment.
• Supply of money, effective credit system, effective working
of the banking system can be analysed in the country only
by having a thorough knowledge of economics by the people
who admire these sectors.
• The knowledge of economics is very essential for the
legislators and parliamentarians. They will be able to frame
laws effectively only by having knowledge of the subject.
• The study is not undertaken merely for the sake of
knowledge. It is to lay down principles and policies for
removing poverty and increasing human welfare.
8.
9.
10.
11. Scarcity and Efficiency
Scarcity
Scarcity means that people want more than is available.
As individuals, limited income keeps from doing and
having all that we might like.
As a society, limited resources (such as manpower,
machinery, and natural resources)fix the amount of goods
and services that can be produced.
People must choose which of their desires they will
satisfy and which they will leave unsatisfied.
12. Continu….
.
The basic economic problem which arises from people having
unlimited wants while there are and always will be limited
resources. Because of scarcity, various economic decisions
must be made to allocate resources efficiently.
Suppose a person is having only one lakhs rupees as his
resources,. He has to make a decision whether to construct a
house or to conduct the marriage of his daughter or get
admission for his son in an Engineering College paying heavy
capitation fee. This is economic problem.
Solution: Increasing supply, Reducing demand, Cost Control
etc.
13. Efficiency
How well an economy allocates scarce resources
to meets the needs and wants of consumers.
Economic efficiency is a term typically used in
microeconomics when discussing product.
Production of a unit of good is considered to be
economically efficient when that unit of good is
produced at the lowest possible cost.
14. Continue….
It is the using of resources in such a way as to
maximize the production of ...
Economically efficient production is
organized to minimize the ratio of inputs to
outputs.
15. Three Fundamental Economic
Problems
The Basic Economic Problem
The existence of scarcity creates the
basic economic problem faced by every
society, rich or poor: how to make the
best use of limited productive resources
to satisfy human needs and wants.
16.
17.
18. 1. WHAT GOODS AND SERVICES
WILL BE PRODUCED?
For example, an economy must
decide whether they should
produce kitchen appliances or
weapons, build and fix roads or buy
textbooks for schools.
19. 2. How will goods and services be
produced?
For example, should we use copper or plastic to
make pipes?
Should machines be used to make clothing or
should workers make it by hand?
Should the power plant be built close to the
ocean or inland?
Which fertilizer is best for growing
strawberries?
There are millions of decisions that need to be
made to figure out how to produce goods and
services.
20. 3. Who will consume the goods
and services?
Once the goods and services are produced,
who will get to consume them?
Will people consume them on a first-come,
first-served basis?
Should goods be allocated or given out by
height, weight, religion, age, gender race,
looks, strength, health or wealth?
How should the goods and services be
distributed among the people?
21. Society’s Capabilities
Takes the initiative in combining the
resources of land, labour, and capital
Makes strategic business decisions
Is an innovator
Commercializes new products,
newproduction techniques, and even
newforms of business organization
Takes risk to get profits
22. Production Possibility Frontiers
PPC CURVE
This concept is founded by a great Professor called Paul A. Samuelson, who was
the first American to receive a Nobel Prize in Economics in 1970.
He was also an economics adviser to the American President, John F. Kennedy
for many years. Every country’s aim would be to produce commodities that can be
sold in the domestic and in the international markets with a favorable price. In
other words, right goods should be produced with right factor inputs at right
times.
Definition
Production Possibility Curve (PPC) is a curve that shows the possible
combinations of
any two economic goods an economy can produce by using the available
scarce resources.
It is sometimes called Production Possibility Frontier, Production Possibility
Boundary and Transformation Curve
The concept illustrates the potential productive capacity of the economy.
23. Continue…..
Assumptions of the concept – PPC
1. Human wants are unlimited.
2. The resources are limited but which has alternative uses
3. It also assumes that the economy has utilized scarce resources
efficiently and fully. In other words, the economy is in full
employment.
4. Resources available in the economy (which are called factors of
production such as land, labour, capital and organizer) are fixed
and constant. However, resources can be shifted from one
commodity to another.
24.
25. Continue….
Production Possibility Curve
Point A in the diagram points out that it can produce OA amount of CLOTHS with
the available scarce resources.
If it wants to produce wine alone OB amount of FOOD can be produced
If it wants to produce a combination of CLOTH & FOOD it has to choose a point
between A & F for e.g. D
The line connecting points A & F is called production possibility curve
A production possibility curve implies that it can produce either OA of cloths or
OF of food
If it chooses a combination of the two, it has to prefer less than OA of cloths & less
than OF of food
As the resources are scarce if it wants to have food the nation has to
sacrifice certain amount of cloths for the sake of food
This sacrifice involved is known as opportunity cost.
Any point on the PPC implies full employment, it means maximum use of the
available scarce resources
If the country choose to produce the combination of the two goods at point D1 the
country faces unemployment (i.e.) the economy is not producing a full capacity
To achieve full employment the economy has to move away from point D to a point
on the curve ACF.
Countries plan & formulate the policies to produce at any point on the PPC only.
26. Continu….
Importance and Application of the Concept
1.It gives reliable answers for the fundamental economic
problems of what to produce?, How to produce?, and To
whom to produce?.
2. Secondly, it illustrates the concept of opportunity cost.
3. Thirdly, it leads to the efficient allocation of scarce
economic resources.
4. It is very useful in order to achieve the social welfare of the
community.
27. Productive Efficiency Vs Economic
Efficiency
Productive efficiency
Productive efficiency (also known as "technical efficiency")
occurs when the economy is utilizing all of its resources, and
operating at its production possibility frontier (PPF).
This takes place when production of one good is achieved at the
lowest cost possible
Productive efficiency requires that all firms operate using best-
practice technological and managerial processes.
By improving these processes, an economy or business can
extend its production possibility
28. Continue…
Economic efficiency
Economically efficient production is organized
to minimize the ratio of inputs to outputs.
A situation where each good is produced at the
minimum cost
The extent to which a given set of resources is
being allocated
29. Economic Growth & Stability
Economic growth
A positive change in the level of production of
goods and services by a country over a certain period
of time.
Economic growth is usually brought about by
technological innovation and positive external
forces.
Economic growth is an increase in activity in an
economy. It is often measured as the
rate of change of gross domestic product (GDP).
31. Micro-Economics
Micro Economics
• The term ‘mikros’ in Greek means small.
• Micro economics refers to the study of small units. In other words, micro
economics
studies the individual parts or components of the whole economy.
• Micro- economics is the study of particular firms, particular households,
individual
prices, wages, income, individual industries and so on.
• Micro economics as the name implies is concerned with parts of the
economy rather than
with the economy as a whole.
Importance of micro economics
• It explains how the market economy operates.
• It explains the method or manner in which scarce resources are allocated
for different
uses.
• It explains how goods and services are produced and distributed to the
people.
Areas covered by micro economics are
a) Theory of product pricing
b) Theory of factor pricing (rent, wages, interest and profits)
c) Theory of economic welfare (happiness and safety).
32. Macro-Economics
Macro economics
• The term ‘macros’ in Greek means large. Macro economics is the study of aggregates
(total or whole).
• It studies about aggregate ( total) demand, aggregate consumption, aggregate production,
aggregate income and aggregate investment, etc.
• It studies all parts or components of the whole economy and it is not concerned with
individual aspects of the economy.
• Macro economics examines the forest and not the trees.
Importance of macro economics
• It is very helpful in studying the vast (huge) and complex (hard to understand) nature of
economic.
• It deals with many economic problems such as unemployment, inflation, depression (
make very unhappy, push down or make less active) & recession ( a temporary decline or
loss in economic activity).
• It is used as a tool to analyse the level of employment, level of prices, etc.
• It is useful for the government in formulating suitable economic policies regarding
general price level, wages, etc.
• It is only through macro economic approach the problems of economic growth could be
solved.
• All nations, particularly developing nations are eager to increase their national income
within the concern of macro economics.
33. The role of Markets and
Governments
There is a role for government in a market economy.
Government provides certain goods and services.
These services are paid for by taxes, and include such
things as providing for the national defense, protecting
the environment, and protecting property rights.
34. Possitive Vs Negative Externalities
What does externalities mean in economics?
Consumption, production, and investment
decisions of individuals, households, and
firms often affect people not directly involved
in the transactions.
Sometimes these indirect effects are tiny.
But when they are large they can become
problematic—what economists call
externalities.