THE SUBJECT MATTER OF ECONOMICS

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THE SUBJECT MATTER OF ECONOMICS
Generally, the subject matter tells us about what we study in Economics. However for the s...

1. -Human wants are unlimited,
-The resources used to satisfy the wants are (limited in number) scarce.
-Human wants can b...

2. They must be scarce.
3. They must have value.
4. They are capable of being transferred or exchanged.
Refers to the tang...

Features of free goods
1. They are not scarce i.e. they are abundant.
2. They are not produced by human effort, hence are ...

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Feature of Public Goods:-Non divisibility i.e., provided in totality to the public.
Non rivalry i.e., there is no competit...

CAUSES OF SCARCITY.
 Limited stock of resources.
Resources are limited in number therefore it is not possible to produce ...

The definition gave too much importance of wealth and ignored human welfare and moral
values. Because of these weaknesses,...

5. Classification – Marshall Definition is classified. There are many categories but the
destination between there is not ...

1. Human wants are unlimited.
2. Human wants have alternatives.
3. Resources are scarce.
4. Resources have different impor...

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ii) Growth Definition
Prof. Paul Samuelson defined economics as “the study of how men and
society choose, with or without ...

BRANCHES OF ECONOMICS.
There are two main branches of Economics.
1. Micro-economics
2. Macro-economics.
MICRO ECONOMICS.
M...

It addresses issues like the relationship between inflation and unemployment, effects of deficit in
the balance of payment...

These emerged purely from interaction of economic variables such as price and quantity
demanded as supply scarcity and cho...

It is related with the types (ranges) and quantity of goods to produce. Since resources are
scarce, we must choose between...

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A producer must also decide the right time to produce a given commodity.
 How much to produce.
It relates to mankind deci...

to that problem and the first option is to economize, that is to make the best and efficient use of
the resources availabl...

The concept of production possibility curve helps to explain the concept of scarcity and
opportunity cost.
The following a...

If the economy devoted all its resources to the production of gun it can produce 15 thousand
guns but the production of bu...

In some other cases the PPC curve tends to shift inwards, this signifies the decline of the
economy which may be due to;-
...

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Features of production possibility curve
1. Two commodities involve.
2. There is fixed technology.
3. Full employment and ...

PPC curve shift to the left because economy's production potential declines.This could occur due
to the war or natural dis...

If changes occurred of one type of goods (BUTTER) the slope of the curve will change because
of changes of quality or quan...

2. ECONOMICS AND PSYCHOLOGY
 Psychology is that science of mind that it does with mental phenomena. Economics is the
stud...

There are three main types of economics system;-
1. Socialist economic system.
2. Capitalist economic system.
3. Mixed eco...

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Under this system the government ensures achievement of minimum standard of living
for the members of the society by using...

II. CAPITALIST ECONOMIC SYSTEM
The system is also known as market economy, unplanned or free enterprise economy. Capitalis...

socialist economy, where production of goods produced may not be wanted by the people
due to poor planning.
DISADVANTAGES ...

The production of commodities is partly made by individuals and partly by the
government.
3. There is joint venture in the...

established in Russia element of capitalism were not completely wiped out in the young socialist
economy
IMPORTANCE OF THE...

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