Economics is the study of how societies allocate scarce resources. It examines individual components like industries and households through microeconomics, and analyzes the overall economy through macroeconomics. Economists use the scientific approach of observation, analysis, statistics, and experiments to understand economic phenomena. Their analysis is guided by concepts like scarcity, opportunity cost, and incentives. Economics aims to help individuals, businesses, and governments make better decisions.
Introduction to Applied Economics:
Economics as a study of wealth
Utilization of wealth for production and consumption
Economics as a study of making choices
Opportunity cost: forgone benefits of an alternative when making a choice
Economics as a study of allocation
Allocation of scarce resources to answer unlimited human wants
Economics as a social science
As a science, uses scientific method of inquiry
As a social science, uses the scientific method to study how society creates its material wealth, how it make this wealth available to its people with minimum difficulties and it expands its wealth
Resources and the study of economics
Natural resources, Human resources, Physical or man-made resources
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This first lecture serves as an introduction to economics in general.
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 Applied Economics:
Economics as a study of wealth
Utilization of wealth for production and consumption
Economics as a study of making choices
Opportunity cost: forgone benefits of an alternative when making a choice
Economics as a study of allocation
Allocation of scarce resources to answer unlimited human wants
Economics as a social science
As a science, uses scientific method of inquiry
As a social science, uses the scientific method to study how society creates its material wealth, how it make this wealth available to its people with minimum difficulties and it expands its wealth
Resources and the study of economics
Natural resources, Human resources, Physical or man-made resources
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This first lecture serves as an introduction to economics in general.
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.
This video focuses on the introduction to Economics, economic problems and opportunity cost and discuss definitions of economics given by Adam Smith, Marshall, Prof. Robbins and Paul Samuelson. This video also cover the subject matter of economics which includes nature of economics, relationship of economics with other sciences and limitations of economics and methods of economic analysis which includes inductive method and deductive method.
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
This video focuses on the introduction to Economics, economic problems and opportunity cost and discuss definitions of economics given by Adam Smith, Marshall, Prof. Robbins and Paul Samuelson. This video also cover the subject matter of economics which includes nature of economics, relationship of economics with other sciences and limitations of economics and methods of economic analysis which includes inductive method and deductive method.
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
𐫱 This file is especially for engineering students.
This is 'economics for engineers'.
I hope it will help you in your studies as well as university exams.😃
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
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Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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3. What is Economics?
• Economics covers all kinds of topics.
• At the core it is devoted to understanding
how society allocates its scarce resources.
• Along the way to studying the implication
of scarcity, economics tries to figure out
the 1001 puzzles of everyday life.
4. Definitions of Economics
1.Economics asks what goods are produced, how
these goods are produced, and whom they
are produced.
2) Economics analyzes movements in the overall
economy
--- trends in prices, output, unemployment and
foreign trade.
5. Once such trends are understood, economics helps
to develop the policies by which
Governments can improve the performance
of the economy
3) Economics is the study of commerce among
nations. It helps explain why nations export some
goods and import others, and analyses the effects of
putting economic barriers at national frontiers.
6. 4) Economics is the science of choice. It
studies how people choose to use scarce
or limited productive resources ( labour,
equipment, technical knowledge) to produce
various commodities and to distribute these
goods for consumption
5) Economics is the study of money, banking,
capital and wealth.
7. In a common theme
Economics is the study of how societies
use scarce resource to produce valuable
commodities and distribute them among
different people.
9. Micro Economics
• It analyses the behaviour of individual
components like industries, firms and
households.
• Micro Economics means economics
through microscope.
• ---How individual prices are set, consider what
determines price of land, labour and capital, and
inquire in to the strengths and weaknesses of the
market mechanism.
10. Macro Economics
• It studies the functioning of the economy as a
whole.
• we examine the economy through wide-lens.
• It examines how the level and growth of output
are determined, analyzes inflation and
unemployment, asks about the total money supply
and investigates why some nations thrive while
others stagnate.
11. The scientific Approach
• Economists have no monopoly on the truth about
the important issues of the day. Indeed, many
phenomena are poorly understood and highly
controversial. But economists and other
scientists have developed techniques- called the
scientific approach- that give a head start in
understanding the complex forces that affect
economic growth, prices and wages, income
distribution and foreign trade.
12.
13. Observation
• One of the major sources of economic
knowledge is observation of economic
affairs, especially drawing upon the
historical record.
E.g.: consider inflation- meaning a rise in the
general level of prices.citizens, bankers and
political leaders often worry about inflation and
take painful steps,contradicting output and
increasing unemployment, to prevent or slow a
threatening inflation.
14. Economic Analysis
• This is an approach that starts with a set of
assumptions and then deduces logically certain
predictions about the economic behavior of people,
firms or the overall economy.
E.g.: Attempts to restrict the import of foreign
goods in order to ‘protect’ domestic workers and
firms from foreign competition.
15. Statistical Analysis
• A complete understanding of economic activity
relies upon the use of economic data and statistical
analysis.
• Governments and businesses issue volumes of
data that can help us to analyze economic behaviour
quantitatively.
• While the actual application of such information
requires advanced tools in probability and
econometrics, understanding the results requires
only careful reading and common sense.
16. Experiments
• The economic world is enormously
complicated with millions people and billions
of prices. In an exciting new development,
economists are turning to laboratory and
other controlled experiments.
• It is more difficult to perform experiments in
economies than in the laboratory sciences. To begin
with, economists cannot measure economic
17. Variables with precision that physical
scientists can apply in measuring mass,
velocity, or distance
• Moreover it is very difficult to replicate
the economy in a laboratory.
18. Pitfalls in Economic Reasoning
• In all areas of economics, old and new,
certain pitfalls lie in the path of the serious
economist.
• Falling to keep “others Things Equal”
• The Post Hoc Fallacy
• Fallacy of Composition
19. others Things Equal
• Most of economic problems involve
several forces interacting at the same.
E.g.: the number of cars bought in a given
year is determined by the price of cars,
consumer incomes, gasoline prices etc.
How can we isolate the impact on car sales
of a single variable such as the price of gasoline.
20. The Post Hoc Fallacy
• A common mistake in studies of cause-and-effect
relationships is the Post Hoc Fallacy.
E.g.: Dr.Optimist’s observation is that after the
Govt. has cut tax rates, the Govt.s total tax revenues
began to rise. Dr.Optimist then claims “Aha, if we
lower the tax rates, we will rise revenues and reduce
the budget deficit.”
21. Dr.Optimist fallacy was to assume that the
tax cut was responsible for the increase in
Govt.s revenues; overlooked was the fact that
the growing economy was raising people’s
income and might have increased tax
revenues even more had taxes not been cut.
22. Fallacy of Composition
• It is the misconception that what is true for
a part is therefore true for the whole.
• One thing that is true for an individual is
not necessarily true for everyone.
E.g: If all farmers produce a bog crop, total
farm income will probably fall.
23.
24. The Law of Scarcity
• Economics study the way goods are
produced and consumed because people want
to consume far more than an economy can
produce.
• The law of scarcity states that goods are scarce
because there are not enough resources to produce
all the goods that people want to consume. All of
economics flows from this central fact.
25. • No country has reaches utopia of limitless
possibilities. Goods are limited while wants
seem infinite. Even in U.S., the most
productive economy ever known, production
is not high enough to meet everyone’s
desires.
26. The uses of Economics
• Economic knowledge serves us in
managing our personal lives, in
understanding society and in improving the
world around us.
• The ways that economics can help us
individually will be as different as are our
personal lives.
27. • Learning about stock market may help
people manage their own finances.
• Better awareness of the determinants of
cost and revenue will produce better business
decisions.
• The doctor, the investor and the farmer all
need to know about profit from their businesses.