Lecture 1 eco principles
•Download as PPTX, PDF•
0 likes•515 views
This document defines key economic concepts and terms. It discusses that economics is concerned with how humans use scarce resources to satisfy unlimited wants. It also covers the three Es of economics: efficiency, equity, and effectiveness. Additionally, it defines important economic ideas like needs, wants, demands, scarcity, opportunity cost, and the four basic economic questions. The document also categorizes different types of goods, economic systems, economic resources, and stock and flow variables.
Report
Share
Report
Share
Recommended
Economic systems
This document outlines three main economic systems - traditional, command, and market economies. It describes the key characteristics of each system. A traditional economy relies on long-standing customs and has little trade. A command economy has collective government ownership and central planning to answer the basic economic questions. A market economy uses individual decision making and price signals to allocate scarce resources through supply and demand.
Introduction To Economics
The document provides an introduction to the field of economics. It defines economics as the study of how societies allocate scarce resources to produce goods and services. It also distinguishes between microeconomics, which examines individual components like industries and households, and macroeconomics, which examines the overall economy. The scientific approach in economics uses techniques like observation, analysis, and statistical analysis to understand economic phenomena. Some pitfalls to avoid in economic reasoning are failing to isolate variables, making post hoc fallacies, and committing the fallacy of composition. Economics studies scarcity and how it affects production and consumption. Economic knowledge can help individuals, societies, and policymakers.
Intro to Microeconomics
Microeconomics focuses on the economic decisions of individuals and businesses. It examines economic activity at a granular level, like looking at an economy through a microscope. Microeconomics studies individual people, households, and firms, measuring specific economic factors like the price of individual products, a firm's revenue or employment, or a household's expenditures. A firm refers to a business, especially one with multiple owners and employees.
Economics concepts for grade 11 learners
This document provides an overview of key economic concepts for grade 11 learners. It begins with definitions of economics and microeconomics and macroeconomics. It then covers concepts like scarcity, resources, opportunity costs, and production possibility frontiers. It introduces the circular flow of economic activity and models of income and consumption. It discusses the basic economic problems of what, how, and for whom to produce. Overall, the document provides a comprehensive introduction to foundational economic ideas.
Introduction to applied economics part iv
This document discusses different economic systems including traditional, command, market, and mixed economies. It provides advantages and disadvantages of each system.
The key points are:
1. Traditional economies rely on customs and traditions to determine production and distribution. Command economies involve centralized government planning. Market economies use supply and demand to determine production and distribution.
2. Advantages of traditional economies include strong social bonds but lack innovation. Command economies ensure basic needs but limit individual freedom. Market economies adapt easily but may not provide for all.
3. Mixed economies combine aspects of market and command systems, using private enterprise alongside state provision of essential services.
Abm applied economics cg 4
This document outlines the Applied Economics subject curriculum for 12th grade ABM (Accountancy, Business and Management) specialized track students. The course covers basic principles of applied economics and how to analyze contemporary economic issues in the Philippines. It is divided into two quarters. The first quarter introduces economics as a social science and applied field. Students learn to define terms, identify economic problems, and explain how economics can solve issues. The second quarter focuses on industry analysis, identifying business opportunities, and conducting a socioeconomic impact study of a business venture. Students apply tools like SWOT analysis and examine impacts of business on consumers, suppliers, government, households, and international trade. The main goal is for students to use economic principles to analyze problems and
Basics of economics
This document provides an overview of economics, including microeconomics and macroeconomics. It defines economics as the study of how individuals, markets, and countries seek to maximize satisfaction and profits with limited resources. Microeconomics examines decisions of individuals and businesses regarding prices and resource allocation, while macroeconomics studies whole economies and how government policies affect aggregates like output and inflation. The document also outlines different economic systems, terms, the scope and methodologies of economics, and some basic economic problems around production.
Applied economics
Microeconomics is concerned with the behavior of individual entities like consumers, producers, and resource owners, and how goods flow from businesses to consumers and resources from owners to businesses. It also examines price theory. Macroeconomics studies the overall performance and aggregates of the entire economy, such as the total flow of goods, money, services, and employment levels, rather than individual economic units.
Recommended
Economic systems
This document outlines three main economic systems - traditional, command, and market economies. It describes the key characteristics of each system. A traditional economy relies on long-standing customs and has little trade. A command economy has collective government ownership and central planning to answer the basic economic questions. A market economy uses individual decision making and price signals to allocate scarce resources through supply and demand.
Introduction To Economics
The document provides an introduction to the field of economics. It defines economics as the study of how societies allocate scarce resources to produce goods and services. It also distinguishes between microeconomics, which examines individual components like industries and households, and macroeconomics, which examines the overall economy. The scientific approach in economics uses techniques like observation, analysis, and statistical analysis to understand economic phenomena. Some pitfalls to avoid in economic reasoning are failing to isolate variables, making post hoc fallacies, and committing the fallacy of composition. Economics studies scarcity and how it affects production and consumption. Economic knowledge can help individuals, societies, and policymakers.
Intro to Microeconomics
Microeconomics focuses on the economic decisions of individuals and businesses. It examines economic activity at a granular level, like looking at an economy through a microscope. Microeconomics studies individual people, households, and firms, measuring specific economic factors like the price of individual products, a firm's revenue or employment, or a household's expenditures. A firm refers to a business, especially one with multiple owners and employees.
Economics concepts for grade 11 learners
This document provides an overview of key economic concepts for grade 11 learners. It begins with definitions of economics and microeconomics and macroeconomics. It then covers concepts like scarcity, resources, opportunity costs, and production possibility frontiers. It introduces the circular flow of economic activity and models of income and consumption. It discusses the basic economic problems of what, how, and for whom to produce. Overall, the document provides a comprehensive introduction to foundational economic ideas.
Introduction to applied economics part iv
This document discusses different economic systems including traditional, command, market, and mixed economies. It provides advantages and disadvantages of each system.
The key points are:
1. Traditional economies rely on customs and traditions to determine production and distribution. Command economies involve centralized government planning. Market economies use supply and demand to determine production and distribution.
2. Advantages of traditional economies include strong social bonds but lack innovation. Command economies ensure basic needs but limit individual freedom. Market economies adapt easily but may not provide for all.
3. Mixed economies combine aspects of market and command systems, using private enterprise alongside state provision of essential services.
Abm applied economics cg 4
This document outlines the Applied Economics subject curriculum for 12th grade ABM (Accountancy, Business and Management) specialized track students. The course covers basic principles of applied economics and how to analyze contemporary economic issues in the Philippines. It is divided into two quarters. The first quarter introduces economics as a social science and applied field. Students learn to define terms, identify economic problems, and explain how economics can solve issues. The second quarter focuses on industry analysis, identifying business opportunities, and conducting a socioeconomic impact study of a business venture. Students apply tools like SWOT analysis and examine impacts of business on consumers, suppliers, government, households, and international trade. The main goal is for students to use economic principles to analyze problems and
Basics of economics
This document provides an overview of economics, including microeconomics and macroeconomics. It defines economics as the study of how individuals, markets, and countries seek to maximize satisfaction and profits with limited resources. Microeconomics examines decisions of individuals and businesses regarding prices and resource allocation, while macroeconomics studies whole economies and how government policies affect aggregates like output and inflation. The document also outlines different economic systems, terms, the scope and methodologies of economics, and some basic economic problems around production.
Applied economics
Microeconomics is concerned with the behavior of individual entities like consumers, producers, and resource owners, and how goods flow from businesses to consumers and resources from owners to businesses. It also examines price theory. Macroeconomics studies the overall performance and aggregates of the entire economy, such as the total flow of goods, money, services, and employment levels, rather than individual economic units.
Lecture1 Basic Economic Concepts (1)
This document provides an overview of microeconomics concepts including:
1. Economics is defined as the study of how scarce resources are allocated among alternative uses.
2. Key concepts in microeconomics include rational choice, incentives, marginal analysis, and opportunity cost.
3. Economic systems must answer questions about what to produce, how to produce it, and who receives it given the constraints of scarce resources.
Solving Basic Economic Problems
The document discusses how the basic economic problems of what to produce, how to produce, and for whom to produce are solved differently in capitalist, socialist, and mixed economies.
In a capitalist economy, the price mechanism determines solutions through market forces of supply and demand. In a socialist economy, a central planning authority makes production and distribution decisions. In a mixed economy, the price mechanism and private sector interact with government intervention through fiscal and monetary policies to influence economic outcomes.
Economics review
This document provides an overview of key economic concepts including:
- Defining economics as the science dealing with production, distribution, and consumption of goods and services.
- Explaining the basic questions of what, how, and for whom to produce that different economies address.
- Describing the four main types of economic systems - market, command, traditional, and mixed - and their characteristics.
- Stating that most countries have mixed economies that combine elements of different systems like market and command economies.
Introduction to economics
The document provides an introduction to key concepts in economics, including:
1) Economics involves making choices due to scarce resources and unlimited wants. It studies how individuals and societies make decisions about production, consumption, and distribution.
2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
3) Individuals and societies face trade-offs in how they use limited resources to fulfill needs and wants. Opportunity cost is the value of the next best choice not taken.
Lesson 3
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.
Economic Geography
The document provides an overview of key economic concepts including:
1. It defines the economy as how people use their environment to meet material needs through production, exchange, distribution and consumption of goods and services.
2. It notes the tension between unlimited human needs and limited resources.
3. It states that the world's dominant economic system is capitalism, which is based on private ownership and market competition.
4. Key economic agents in a capitalist system are private individuals/families, private companies, and the public sector/state. Factors of production include land, labor, capital and entrepreneurship.
Introduction to applied economics part III
This document provides an introduction to macroeconomics and microeconomics. It defines the key differences between the two branches of economics. Macroeconomics deals with aggregates of the entire economy, such as national income and output, while microeconomics focuses on individual economic units and markets. The document uses examples and diagrams to illustrate macroeconomic concepts like the circular flow of income and expenditures between economic sectors. It also provides microeconomic examples related to price determination and resource allocation at the firm level. Students are then asked questions to classify topics as either macroeconomic or microeconomic in nature. The final sections assign students to discuss the basic problems of society and how economics helps address constraints and limitations.
Economics problems and the PPC
The document discusses several key economic problems that arise due to scarcity of resources:
i) Allocation of scarce resources - What and how much of each good to produce?
ii) Choice of production method - Which technology and combination of resources to use?
iii) Distribution of output - How to share the total output among individuals and classes?
iv) Economic efficiency - Using resources in the most efficient way to maximize output.
The Production Possibility Curve illustrates the tradeoffs and scarcity choices a society must make between allocating resources to different goods.
Economic System
This document outlines the key concepts in the chapter on economic systems from a course on economic systems and public administration. It defines an economic system as the set of institutions that determine what goods a society produces, how they are produced, and how they are distributed. It discusses the fundamental economic questions of what, how, and for whom to produce. It also covers concepts like economic activities, resources, the circular flow model, and different types of economic systems including traditional, market, command, and mixed economies.
What is an economy powerpoint
An economy is defined as how a nation uses its limited resources to produce and distribute goods and services. Resources include land, labor, capital, and entrepreneurship. Scarcity means that resources are limited but wants and needs are unlimited, forcing nations to make choices. Nations must answer basic economic questions about what to produce, how to produce it, and who the production is for, defining their economic system. Consumers decide what is produced through market purchases, while businesses aim to produce competitively and encourage customers.
15.basic concepts of_economics_types_and_functions_of_economic_systems.
This document provides an overview of economics and different types of economic systems. It defines economics as the study of how individuals and societies seek to satisfy needs and wants through scarce resources. It then describes four main types of economic systems: traditional economies based on customs, market economies that rely on supply and demand, command economies where the government controls production, and mixed economies that combine aspects of market and command.
Microeconomics 101
This document provides an overview of microeconomics. It defines economics as the study of how societies allocate scarce resources to produce and distribute goods and services. The document outlines different types of economic systems and explains that most modern economies are mixed, with roles for both markets and governments. It also summarizes key microeconomic concepts like supply and demand, market equilibrium, and the role of prices in signaling resource allocation.
Economics concepts
The document defines key economic concepts including scarcity, opportunity cost, specialization, markets, supply and demand, monetary policy, fiscal policy, and economic growth. Resources are limited so people must make choices, and choosing one alternative means forgoing the next best option or opportunity cost. Specialization and trade allow people and countries to focus on specific production and gain from interdependence. Markets facilitate exchange through the interaction of supply and demand which determine prices. Governments influence the economy through monetary policy, fiscal policy, and other economic policies and institutions with goals of stability, employment, and growth.
Applied economics module 2 final
The document discusses applied economics and how it can help solve basic economic problems. It identifies the four basic economic problems as: what to produce, how to produce, whom to produce for, and what provisions should be made in production. Applied economics seeks to address the fundamental problem of scarcity by helping societies answer these basic questions around production and allocation of limited resources. It provides strategic solutions like promoting economic growth, reducing wants, and improving resource use to help economies function efficiently despite scarce resources and unlimited wants.
Introduction to Microeconomics
This document provides an introduction to microeconomics. It defines economics as the social science that studies how societies use limited resources to produce and distribute goods and services. It notes that resources are limited and have alternative uses, while human wants are unlimited, creating an "economic problem" of making choices. It discusses that economics aims to maximize output and welfare while minimizing costs. The central problems of an economy are outlined as allocation of resources, determining what, how, and for whom to produce, as well as fully utilizing resources and growing resources over time. Microeconomics is defined as dealing with individual economic units like firms and households, while macroeconomics analyzes the aggregate economy and topics like national income.
Introduction to economics
Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It can be studied at the macro level of whole economies or micro level of individual decision making. Resources are limited so choices must be made between alternatives, which involves tradeoffs. Production requires factors of land, labor, capital and entrepreneurship to transform inputs into goods and services. Firms aim to maximize profits by equating their marginal costs with marginal revenues from sales. Different economic systems approach these decisions in various ways such as traditional economies based on custom, command economies controlled by the government, and free market economies driven by supply and demand.
Basic Economic Questions
The document discusses the basic economic questions that all systems must answer: 1) What goods and services will be produced? 2) How will they be produced? 3) Who will get the goods and services? It focuses on how a market system answers these questions. A market system relies on private property, competition, and markets to determine: 1) What is produced based on supply and demand. 2) Production uses the least-cost combination of inputs. 3) Goods go to those able and willing to pay for them by exchanging valuable labor or assets.
Unit 4 -The economy 3º ESO bil
This document discusses economic concepts including:
1. It defines economic activity as all processes used to obtain goods and services, including three phases: production, distribution, and consumption.
2. It outlines the history of different payment methods from barter to modern electronic payments.
3. It defines a sustainable economy as using resources optimally to achieve long-term balance and profitability.
4. It identifies people, companies, and the state as contributors to economic activity. Production requires natural resources, capital, technology, knowledge, and work.
Economics: Chapter 2
The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
Basic concepts in economics and further discussions
The document provides an overview of economics, including its origins and key concepts. It discusses how economics studies the allocation of scarce resources to meet unlimited human wants. Some key points covered include:
- Economics analyzes the trade-offs involved in making choices due to scarcity.
- Agricultural economics focuses on production, processing, marketing and consumption of food and fiber.
- Positive economics examines what is, while normative economics focuses on what should be.
- Factors of production include land, labor, capital and entrepreneurship.
- Economics guides individuals and societies on efficiently using resources to satisfy needs and wants.
Economics Foundation.pdf
The document provides an introduction to key economic concepts including:
- Adam Smith is considered the father of modern economics and advocated for free markets with minimal government interference.
- Economics studies how scarce resources are allocated to meet infinite wants. It examines rationing systems like planned and free market economies.
- Countries face an economic problem of unlimited wants and scarce resources, which requires choices between alternatives.
- Microeconomics focuses on individual consumers and firms, while macroeconomics looks at aggregate markets, growth, inflation, unemployment, and trade.
Mi Chapter 1.pptx
This chapter introduces key concepts in economics and agricultural economics. It defines economics as dealing with how consumers and producers allocate scarce resources to meet infinite wants. Agricultural economics focuses on allocating resources for food and fiber production. Economics studies how individuals and societies make choices given scarce resources and unlimited wants. The chapter also outlines microeconomics, macroeconomics, positive and normative economics, factors of production, and different economic systems including market, command, and mixed economies.
More Related Content
What's hot
Lecture1 Basic Economic Concepts (1)
This document provides an overview of microeconomics concepts including:
1. Economics is defined as the study of how scarce resources are allocated among alternative uses.
2. Key concepts in microeconomics include rational choice, incentives, marginal analysis, and opportunity cost.
3. Economic systems must answer questions about what to produce, how to produce it, and who receives it given the constraints of scarce resources.
Solving Basic Economic Problems
The document discusses how the basic economic problems of what to produce, how to produce, and for whom to produce are solved differently in capitalist, socialist, and mixed economies.
In a capitalist economy, the price mechanism determines solutions through market forces of supply and demand. In a socialist economy, a central planning authority makes production and distribution decisions. In a mixed economy, the price mechanism and private sector interact with government intervention through fiscal and monetary policies to influence economic outcomes.
Economics review
This document provides an overview of key economic concepts including:
- Defining economics as the science dealing with production, distribution, and consumption of goods and services.
- Explaining the basic questions of what, how, and for whom to produce that different economies address.
- Describing the four main types of economic systems - market, command, traditional, and mixed - and their characteristics.
- Stating that most countries have mixed economies that combine elements of different systems like market and command economies.
Introduction to economics
The document provides an introduction to key concepts in economics, including:
1) Economics involves making choices due to scarce resources and unlimited wants. It studies how individuals and societies make decisions about production, consumption, and distribution.
2) The four factors of production are land, labor, capital, and entrepreneurship. Goods and services are produced using these factors.
3) Individuals and societies face trade-offs in how they use limited resources to fulfill needs and wants. Opportunity cost is the value of the next best choice not taken.
Lesson 3
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.
Economic Geography
The document provides an overview of key economic concepts including:
1. It defines the economy as how people use their environment to meet material needs through production, exchange, distribution and consumption of goods and services.
2. It notes the tension between unlimited human needs and limited resources.
3. It states that the world's dominant economic system is capitalism, which is based on private ownership and market competition.
4. Key economic agents in a capitalist system are private individuals/families, private companies, and the public sector/state. Factors of production include land, labor, capital and entrepreneurship.
Introduction to applied economics part III
This document provides an introduction to macroeconomics and microeconomics. It defines the key differences between the two branches of economics. Macroeconomics deals with aggregates of the entire economy, such as national income and output, while microeconomics focuses on individual economic units and markets. The document uses examples and diagrams to illustrate macroeconomic concepts like the circular flow of income and expenditures between economic sectors. It also provides microeconomic examples related to price determination and resource allocation at the firm level. Students are then asked questions to classify topics as either macroeconomic or microeconomic in nature. The final sections assign students to discuss the basic problems of society and how economics helps address constraints and limitations.
Economics problems and the PPC
The document discusses several key economic problems that arise due to scarcity of resources:
i) Allocation of scarce resources - What and how much of each good to produce?
ii) Choice of production method - Which technology and combination of resources to use?
iii) Distribution of output - How to share the total output among individuals and classes?
iv) Economic efficiency - Using resources in the most efficient way to maximize output.
The Production Possibility Curve illustrates the tradeoffs and scarcity choices a society must make between allocating resources to different goods.
Economic System
This document outlines the key concepts in the chapter on economic systems from a course on economic systems and public administration. It defines an economic system as the set of institutions that determine what goods a society produces, how they are produced, and how they are distributed. It discusses the fundamental economic questions of what, how, and for whom to produce. It also covers concepts like economic activities, resources, the circular flow model, and different types of economic systems including traditional, market, command, and mixed economies.
What is an economy powerpoint
An economy is defined as how a nation uses its limited resources to produce and distribute goods and services. Resources include land, labor, capital, and entrepreneurship. Scarcity means that resources are limited but wants and needs are unlimited, forcing nations to make choices. Nations must answer basic economic questions about what to produce, how to produce it, and who the production is for, defining their economic system. Consumers decide what is produced through market purchases, while businesses aim to produce competitively and encourage customers.
15.basic concepts of_economics_types_and_functions_of_economic_systems.
This document provides an overview of economics and different types of economic systems. It defines economics as the study of how individuals and societies seek to satisfy needs and wants through scarce resources. It then describes four main types of economic systems: traditional economies based on customs, market economies that rely on supply and demand, command economies where the government controls production, and mixed economies that combine aspects of market and command.
Microeconomics 101
This document provides an overview of microeconomics. It defines economics as the study of how societies allocate scarce resources to produce and distribute goods and services. The document outlines different types of economic systems and explains that most modern economies are mixed, with roles for both markets and governments. It also summarizes key microeconomic concepts like supply and demand, market equilibrium, and the role of prices in signaling resource allocation.
Economics concepts
The document defines key economic concepts including scarcity, opportunity cost, specialization, markets, supply and demand, monetary policy, fiscal policy, and economic growth. Resources are limited so people must make choices, and choosing one alternative means forgoing the next best option or opportunity cost. Specialization and trade allow people and countries to focus on specific production and gain from interdependence. Markets facilitate exchange through the interaction of supply and demand which determine prices. Governments influence the economy through monetary policy, fiscal policy, and other economic policies and institutions with goals of stability, employment, and growth.
Applied economics module 2 final
The document discusses applied economics and how it can help solve basic economic problems. It identifies the four basic economic problems as: what to produce, how to produce, whom to produce for, and what provisions should be made in production. Applied economics seeks to address the fundamental problem of scarcity by helping societies answer these basic questions around production and allocation of limited resources. It provides strategic solutions like promoting economic growth, reducing wants, and improving resource use to help economies function efficiently despite scarce resources and unlimited wants.
Introduction to Microeconomics
This document provides an introduction to microeconomics. It defines economics as the social science that studies how societies use limited resources to produce and distribute goods and services. It notes that resources are limited and have alternative uses, while human wants are unlimited, creating an "economic problem" of making choices. It discusses that economics aims to maximize output and welfare while minimizing costs. The central problems of an economy are outlined as allocation of resources, determining what, how, and for whom to produce, as well as fully utilizing resources and growing resources over time. Microeconomics is defined as dealing with individual economic units like firms and households, while macroeconomics analyzes the aggregate economy and topics like national income.
Introduction to economics
Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. It can be studied at the macro level of whole economies or micro level of individual decision making. Resources are limited so choices must be made between alternatives, which involves tradeoffs. Production requires factors of land, labor, capital and entrepreneurship to transform inputs into goods and services. Firms aim to maximize profits by equating their marginal costs with marginal revenues from sales. Different economic systems approach these decisions in various ways such as traditional economies based on custom, command economies controlled by the government, and free market economies driven by supply and demand.
Basic Economic Questions
The document discusses the basic economic questions that all systems must answer: 1) What goods and services will be produced? 2) How will they be produced? 3) Who will get the goods and services? It focuses on how a market system answers these questions. A market system relies on private property, competition, and markets to determine: 1) What is produced based on supply and demand. 2) Production uses the least-cost combination of inputs. 3) Goods go to those able and willing to pay for them by exchanging valuable labor or assets.
Unit 4 -The economy 3º ESO bil
This document discusses economic concepts including:
1. It defines economic activity as all processes used to obtain goods and services, including three phases: production, distribution, and consumption.
2. It outlines the history of different payment methods from barter to modern electronic payments.
3. It defines a sustainable economy as using resources optimally to achieve long-term balance and profitability.
4. It identifies people, companies, and the state as contributors to economic activity. Production requires natural resources, capital, technology, knowledge, and work.
Economics: Chapter 2
The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
What's hot (19)
15.basic concepts of_economics_types_and_functions_of_economic_systems.
15.basic concepts of_economics_types_and_functions_of_economic_systems.
Similar to Lecture 1 eco principles
Basic concepts in economics and further discussions
The document provides an overview of economics, including its origins and key concepts. It discusses how economics studies the allocation of scarce resources to meet unlimited human wants. Some key points covered include:
- Economics analyzes the trade-offs involved in making choices due to scarcity.
- Agricultural economics focuses on production, processing, marketing and consumption of food and fiber.
- Positive economics examines what is, while normative economics focuses on what should be.
- Factors of production include land, labor, capital and entrepreneurship.
- Economics guides individuals and societies on efficiently using resources to satisfy needs and wants.
Economics Foundation.pdf
The document provides an introduction to key economic concepts including:
- Adam Smith is considered the father of modern economics and advocated for free markets with minimal government interference.
- Economics studies how scarce resources are allocated to meet infinite wants. It examines rationing systems like planned and free market economies.
- Countries face an economic problem of unlimited wants and scarce resources, which requires choices between alternatives.
- Microeconomics focuses on individual consumers and firms, while macroeconomics looks at aggregate markets, growth, inflation, unemployment, and trade.
Mi Chapter 1.pptx
This chapter introduces key concepts in economics and agricultural economics. It defines economics as dealing with how consumers and producers allocate scarce resources to meet infinite wants. Agricultural economics focuses on allocating resources for food and fiber production. Economics studies how individuals and societies make choices given scarce resources and unlimited wants. The chapter also outlines microeconomics, macroeconomics, positive and normative economics, factors of production, and different economic systems including market, command, and mixed economies.
Economics chap 1
The document provides an overview of key economic concepts including:
- Economics is the study of how scarce resources are used to satisfy unlimited human wants. It deals with scarcity and how producers make products with limited resources.
- Scarcity exists when there is not enough of a product/service/resource to satisfy all needs and wants at zero price.
- Microeconomics studies individual markets and entities like firms and households. Macroeconomics studies the overall economy.
- Important economists who contributed major ideas include Adam Smith who advocated laissez-faire policies and John Maynard Keynes who argued the government should spend to boost employment during recessions.
basic-concepts-of-economics.pptx
deals with the study of microeconomics and macroeconomics its principle, concepts and functions within the economy and in the agricultural sector. It helps farmers and consumers to identify the proper needs and wants to satisfy the basic necessities of life.
economics Foundation Course 28052018.pptx
This document provides an introduction to key economic concepts including:
1. It discusses Adam Smith and his foundational work on economics and the concept of free markets.
2. It defines economics as the study of how scarce resources are allocated and outlines the differences between needs and wants.
3. It introduces the economic problem of scarcity due to unlimited wants and limited resources, and examines factors of production.
4. It contrasts planned and free market economies as different systems for addressing the basic economic questions of what, how, and for whom to produce goods and services.
economics Foundation Course 28052018.pptx
This document provides an introduction to key economic concepts including:
1. It discusses Adam Smith and his foundational work on economics and the concept of free markets.
2. It defines economics as the study of how scarce resources are allocated and outlines the differences between needs and wants.
3. It introduces the economic problem of scarcity due to unlimited wants and limited resources, and examines factors of production.
4. It contrasts planned and free market economies as different systems for addressing the basic economic questions of what, how, and for whom to produce goods and services.
What is economics unit1week1
This document provides an overview of key economic concepts related to scarcity and decision-making. It discusses that economics is the study of how people satisfy unlimited wants with limited resources. Scarcity means resources are limited and this creates opportunity costs when making choices. The circular flow model shows how households and businesses interact in markets for goods, services, and factors of production. Economics helps individuals and societies make rational decisions by understanding costs, benefits, and trade-offs.
APPLIED ECONOMICS.pptx
The document discusses key concepts in economics including:
1. Economics is defined as the study of how scarce resources are allocated to meet unlimited wants. It uses scientific methods to explain individual and group behavior.
2. Economics is considered a social science because it studies relationships within societies. The existence of scarcity necessitates that economics be studied and practiced.
3. Scarcity means resources are insufficient to meet all wants, so choices must be made. This involves trade-offs and considering opportunity costs of alternatives.
MODULE 1 - LESSON 1; RESOURCE UTILIZATION AND ECONOMICS.pdf
This document provides an overview of key concepts in economics including: scarcity and factors of production; the circular flow model showing the relationship between resource markets, product markets, businesses, and households; opportunity cost; the four basic economic questions of what, how, how much, and for whom to produce; microeconomics vs macroeconomics; different economic systems such as traditional, command, market, and mixed economies; important economic terms like wealth, consumption, production, exchange, and distribution; and notable economists like Adam Smith, Karl Marx, Alfred Marshall, John Maynard Keynes, and John Hicks and their contributions.
Unit 1 student notes
The document provides an overview of basic economic principles including scarcity, factors of production, and different economic systems. It discusses how individuals and societies make choices to deal with limited resources. Market economies answer the three basic economic questions through supply and demand interactions in product and factor markets, as depicted in the circular flow model. The US has a mixed economy that incorporates aspects of both market and command systems.
Introduction to economics
This document provides an introduction to principles of economics. It defines economics as concerned with how humans use scarce resources to satisfy unlimited wants. It outlines the main economic resources or factors of production as land, labor, capital and entrepreneurship. It also defines essential versus luxury goods and opportunity costs. Positive economics is described as dealing with what is, while normative economics deals with what should be. Macroeconomics studies the economy as a whole, while microeconomics studies individual parts. The document then goes on to further define and describe the factors of production, scarcity, types of economic systems, opportunity costs, fields of positive and normative economics, and tools and stages of economic analysis.
2.01 Economic Systems
This document defines key economic concepts and compares different types of economic systems. It discusses the four major economic systems - traditional, free market/enterprise, command, and mixed. In a traditional economy, customs govern economic decisions and activities are centered around the family. A free market economy relies on supply and demand with businesses and consumers deciding production and purchases. Under a command system, the government determines production and resource allocation. Most countries utilize a mixed economy, which combines elements of market and command economies.
Chapter 1: Introduction
This document provides an overview of microeconomics. It defines economics and distinguishes microeconomics from macroeconomics. Microeconomics is the study of economic behavior of individuals and small segments of the economy, focusing on topics like supply, demand, production and costs at the level of firms, industries or consumers. It examines decision making and resource allocation for households and businesses. The document outlines key microeconomics concepts like scarcity, production, factors of production, and opportunity costs.
2009-2010 Unit 7, Industrial Revolution
A presentation over different types of economies to be used for the Industrial Revolution in Greg Lehr's World History classes.
CHAPTER 1.pdf
Most people have a general idea of what economics is. They live with it. They practice it. Some will even be able to define it. Economics is concerned with the production distribution and use of material goods and services.
Economics
This document defines key concepts in economics. It begins by providing definitions of economics from various sources, focusing on the study of scarce resources and unlimited wants. It then outlines different economic systems like capitalism, communism, and socialism. It also discusses the four factors of production (land, labor, capital, entrepreneurship). The document explains concepts like microeconomics, macroeconomics, stocks and flows. It provides a detailed explanation of the circular flow model, showing the flows of goods, services and income between households and firms. It concludes by discussing savings, investment and how they relate to the circular flow model.
introductiontoeconomics-141225043847-conversion-gate02.pdf
1) The document is an introduction to economics that discusses key economic concepts such as needs and wants, factors of production, different types of economic systems, and the production possibility frontier.
2) It defines economics as the study of how individuals and societies make choices about scarce resources and defines micro and macroeconomics.
3) The production possibility frontier is used to illustrate scarcity, tradeoffs, and opportunity costs between producing different goods using a fixed amount of resources.
Introduction to Economics
1) The document is an introduction to economics that covers topics such as the definition of economics, needs and wants, types of economics (micro and macro), factors of production, the economic problem, utility, and production possibility frontiers.
2) It defines economics as the study of how individuals and societies make choices about scarce resources. It also discusses how people balance needs versus wants.
3) The two main types of economics - microeconomics and macroeconomics - are introduced along with the factors of production needed for an economy.
Jade june Macro Economics
This document provides an overview of macroeconomics concepts. It begins with defining economics and its origin from the Greek words oikos and nomus, meaning household management. It then discusses the central problem of scarcity due to limited resources and unlimited wants. Factors of production and the circular flow model showing the flow of resources and payments between households and businesses are introduced. Opportunity cost, basic economic questions around consumption, distribution and growth, and the types of economic systems are also summarized. Finally, it distinguishes between positive and normative economics and microeconomics versus macroeconomics.
Similar to Lecture 1 eco principles (20)
Basic concepts in economics and further discussions
Basic concepts in economics and further discussions
MODULE 1 - LESSON 1; RESOURCE UTILIZATION AND ECONOMICS.pdf
MODULE 1 - LESSON 1; RESOURCE UTILIZATION AND ECONOMICS.pdf
introductiontoeconomics-141225043847-conversion-gate02.pdf
introductiontoeconomics-141225043847-conversion-gate02.pdf
More from Janet Cometa
Lecture 1-2.pptx
The document discusses partnerships under Philippine law. It defines a partnership as a legal relationship between two or more persons associated as joint principals in a business. The Civil Code states that in a partnership, parties bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits. Examples are provided showing how to account for capital contributions and assets brought into partnerships.
Lecture 1 income taxation (1)
This document provides an overview of the fundamental principles and concepts of taxation in the Philippines. It defines taxation as the sovereign power of the state to levy taxes on people and property to fund government operations and public services. The three inherent powers of the state that allow it to function are identified as taxation, police power, and eminent domain. Taxation is described as the strongest of these powers and is subject to constitutional and inherent limitations to protect taxpayers. The objectives, basis, scope and limitations of taxation are outlined according to Philippine law.
Report crisis mgt
The document defines a crisis and outlines the key phases of crisis management: warning, risk assessment, response, management, resolution, and recovery. It discusses defining features of a crisis like low probability but high impact. The response phase involves notifying people, calling first responders, and providing instructions. Later phases focus on managing the situation as it develops, resolving the crisis, and recovering from it. Effective crisis communication involves establishing a command center, communicating internally first and meeting media needs, using consistent key messages, and correcting misinformation quickly. Developing a crisis communication plan involves identifying audiences, communication methods, and possible messages and scenarios.
Lecture 2 eco
The document provides an overview of key concepts and theories in microeconomics and the history of economic thought, including:
- Definitions of labor force, unemployment, and types of unemployment.
- Classical economic theories from the 18th-19th centuries that emphasized free markets and limited government.
- Contributions of early economists like Adam Smith, Thomas Malthus, David Ricardo, and John Stuart Mill.
- Emergence of neoclassical economics in the late 19th century focusing on market efficiencies.
- John Maynard Keynes' development of Keynesian economics in the 1930s advocating active government intervention to ensure stability and growth.
Risk Analysis
This document discusses risk analysis and measurement of risk for securities. It defines risk as the probability that expected returns will not materialize. There are two main types of risk: systematic risk, due to overall market factors, and unsystematic risk, unique to a specific security. Risk is measured using concepts like standard deviation, variance and coefficient of variation. Investors can have different risk attitudes like risk aversion, risk indifference or risk preference. Diversification across uncorrelated securities can help reduce overall risk.
Lecture 1 shrdm
This document provides an overview of basic strategic management concepts. It discusses the difference between strategy and technique, methods and approaches, and defines strategic management. It outlines the 4 phases of strategic management and benefits. Environmental scanning, SWOT analysis, strategy formulation, organizational adaptation, and learning organizations are also summarized. The hierarchy of strategy is presented.
More from Janet Cometa (6)
Lecture 1 eco principles
- 1. ECONOMICS a social science concerned with man’s problem of using scarce resources to satisfy human wants a scientific study on how individuals and the society generally make choices a study that attempts to explain how an economy operates
- 2. 3 Es IN ECONOMICS - EFFICIENCY - EQUITY - EFFECTIVENESS Need. A human need is a state of felt deprivation. Examples include the need for food, clothing, warmth and safety. Wants. Wants are how people communicate their needs (expressed need). A hungry person may want a hamburger, noodles, or cheese and bread. Demands. Wants backed by buying/purchasing power.
- 3. SCARCITY. (the limitations that exist in obtaining all the goods and services that people want) LIMITED RESOURCES VS UNLIMITED WANTS Opportunity Cost - The value given up for choosing an alternative
- 4. FOUR BASIC ECONOMIC QUESTIONS What to produce? How to produce? How much to produce? For whom to produce?
- 5. TOOLS OF ECONOMICS Logic. It pertains to valid reasoning and drawing of conclusion Mathematics. It means conceptualizing and quantifying economic principles Statistics. It means describing behaviors quantitatively and testing hypothesis in making inferences
- 6. SUB-CLASSIFICATION OF ECONOMIC ANALYSIS Positive Economics. It deals with the causal relationships that exist in economics. There is no value judgment and deals with “what is” Normative Economics. It deals with the way economic relationships ought to be. Value judgments play an integral part in the ranking of possible objectives and the choice to be made among them. It deals with “what ought to be”
- 7. SCIENTIFIC APPROACH Observation Definitions and Assumptions Deductions Empirical Testing
- 8. Goods – anything that yields satisfaction to someone Economic Good - a good which is both useful and scarce Utility – (usefulness) is the ability of something to satisfy needs or wants Economic Resources - inputs used in the production of goods and services (factors of production) Land – natural resources Labor – any form of human effort Capital – man-made goods Entrepreneur – the economic good that commands price Wealth – anything of value owned Rent – payment for the use of land Wages – payment for the use of labor Interest – payment for the use of capital Profit – income of entrepreneur
- 9. CLASSIFICATION OF GOODS According to form Tangible goods Intangible goods According to use Consumer goods Capital goods According to need Essential goods Luxury goods According to means of production Manufacturing Agriculture production
- 10. TYPES OF ECONOMIC SYSTEMS TRADITIONAL ECONOMY Family or Community based Economic System that relies on custom and ritual to make its choices. Examples: Aborigines Amazon Tribes
- 11. TYPES OF ECONOMIC SYSTEMS MARKET ECONOMY Individual or Consumer based Economic System that relies on the consumption choices of consumers. Examples: *The U.S.A. *Japan Any Capitalist Economy
- 12. TYPES OF ECONOMIC SYSTEMS COMMAND ECONOMY Centrally Controlled Economy where the Government makes all decisions. Examples: Cuba China Any Communist Country or Dictatorship
- 13. TYPES OF ECONOMIC SYSTEMS MIXED ECONOMY Economic System that incorporates some Governmental involvement into a Market Based Economy. Examples: *The U.S.A. *Japan Most “Modern” Economies
- 14. MODELS OF ECONOMIC SYSTEM Capitalism. It refers to a free enterprise or laissez faire economy (no government intervention) Communism. When the government controls the economy Socialism. It is a mixture of capitalism and communism. It contains the characteristics of both capitalism and communism
- 15. STOCK AND FLOW VARIABLES Production – the use of economic resources in the creation of goods and services Employment – the use of economic resources in production Consumption – the use of economic resources Flow – a quantity measured over a particular period of time Stock – a quantity measured as of a given point in time
- 16. Monetary policy – that which affects savings, investment, and money supply Fiscal supply – that which controls taxes and government expenditures Trade policy – that which affects a country’s exports and imports Inflows – income that go inside the economy like investment, government expenditures, exports which expand the flow of goods and services Outflows – incomes that go out of the economy like savings, taxes, and imports, which constrict the flow of goods and services Multiplier – the number of times income is generated by an original inflow
- 17. THE CIRCULAR FLOW ECONOMIC MODEL