Unit 1: 1.3 - MODERN SCHOOL OF THOUGHT
"Economics is the Science of Scarcity and Choice"
Prof. Lionel Robbins thus defined economics in the following four fundamental propositions that constitute the basis of the structure of economic science.
1. Human wants or ends are unlimited.
2. Human wants are different in importance.
3. Resources to fulfil human wants are limited.
4. Resources have alternative uses.
1. Wants or Ends are Unlimited:
Human beings have wants which are unlimited in number. If one want is satisfied another crops up. If wants had been limited, they would have not and all incentives to economic effort would have ceased.
2. Wants or Ends vary in Importance:
Human wants are not of equal importance because these are uncountable. Therefore, they compel us to choose between more urgent and less urgent ones.
3. Resources are Scarce:
To satisfy unlimited wants people have limited economic resource. These resources are various types of labour Capital, land and entrepreneurship used in producing goods services. Since these resources are limited, the ability of the community to produce goods and services is also limited.
4. Resources have Alternative Uses:
The limited resources are capable of alternative uses. As wants are varying in importance, some are more urgent and others less urgent. Therefore, resources should be used selectively to the most urgent wants firstly, so choice comes again.
Keeping all the above points in view, it can simply be stated in the following words:
"Economics is a science which is the study of those principles on which the resources of a community should be so regulated and administrated as to secure the communal ends without waste."
According to Prof. Lionel Robbins
"Our economics holds good under barter as well as under money exchange, under individual as well as under social human conduct, under capitalist as well as under socialist society."
The followers of Lionel Robins' like Wicksteed, Schonfeld, Hans Mayhers, Carl Manger, Strigler, Fetter, Schaffle, Spaan, Cohen, Oppenheimer, Maxweber, Voigt etc. also called economics as "a science of scarcity and choice."
All of them are of the view that resources as compared to desires are limited and economic problem is that how these limited resources can be used to satisfy maximum desires.
According to Prof. Stigler
"Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of allocation is to maximize the attainment of the ends."
Unit 1: 1.3 - MODERN SCHOOL OF THOUGHT
"Economics is the Science of Scarcity and Choice"
Prof. Lionel Robbins thus defined economics in the following four fundamental propositions that constitute the basis of the structure of economic science.
1. Human wants or ends are unlimited.
2. Human wants are different in importance.
3. Resources to fulfil human wants are limited.
4. Resources have alternative uses.
1. Wants or Ends are Unlimited:
Human beings have wants which are unlimited in number. If one want is satisfied another crops up. If wants had been limited, they would have not and all incentives to economic effort would have ceased.
2. Wants or Ends vary in Importance:
Human wants are not of equal importance because these are uncountable. Therefore, they compel us to choose between more urgent and less urgent ones.
3. Resources are Scarce:
To satisfy unlimited wants people have limited economic resource. These resources are various types of labour Capital, land and entrepreneurship used in producing goods services. Since these resources are limited, the ability of the community to produce goods and services is also limited.
4. Resources have Alternative Uses:
The limited resources are capable of alternative uses. As wants are varying in importance, some are more urgent and others less urgent. Therefore, resources should be used selectively to the most urgent wants firstly, so choice comes again.
Keeping all the above points in view, it can simply be stated in the following words:
"Economics is a science which is the study of those principles on which the resources of a community should be so regulated and administrated as to secure the communal ends without waste."
According to Prof. Lionel Robbins
"Our economics holds good under barter as well as under money exchange, under individual as well as under social human conduct, under capitalist as well as under socialist society."
The followers of Lionel Robins' like Wicksteed, Schonfeld, Hans Mayhers, Carl Manger, Strigler, Fetter, Schaffle, Spaan, Cohen, Oppenheimer, Maxweber, Voigt etc. also called economics as "a science of scarcity and choice."
All of them are of the view that resources as compared to desires are limited and economic problem is that how these limited resources can be used to satisfy maximum desires.
According to Prof. Stigler
"Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of allocation is to maximize the attainment of the ends."
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.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
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.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
2. WHAT IS ECONOMICS?
Def. 1: “The study of mankind in the ordinary
business of life.”~ Alfred Marshall
Def. 2: “The study of the use of scarce resources
which have alternative uses.”~ Lionel Robbins
3. WHAT IS SCARCITY?
Scarcity is a function of both availability and
desirability.
In a market economy, price signals the scarcity
of a good or service.
Scarcity exists because
resources are limited
human wants and desires are unlimited.
4. THE ECONOMIC PROBLEM
How should society allocate its scarce resources
to satisfy our wants and desires to the greatest
extent possible?
An allocation that solves the economic problem
is economically efficient.
Economic efficiency means that resources flow
to their most valued use.
Individual perspective: How should you allocate
your time and income to achieve the highest
level of satisfaction?
6. CHOICES AND ALLOCATION
Who are making the choices?
Private agents in markets
Government bodies (collective decision-making)
Society’s allocation: markets vs. government
Free markets-------------------Command economy
Percentage of national output produced by the
government
U.S.A is a mixed, market economy.
7. CHOICES AND ALLOCATION
Criteria to evaluate allocation:
Economic efficiency
Equity
Liberty (individual rights)
Institutions necessary for free markets:
Private property rights
Rule of law
Reliable judicial system
8. RISE OF FREE MARKETS
Economic and political freedom
Number of nations classified as liberal
democracies:
1776: 1
1790: 3
1848: 5
1975: 31
2000: 120 (86)