Scarcity is a fundamental economic concept that refers to limited resources being insufficient to fulfill all human wants. The four main types of resources are land, labor, capital, and entrepreneurship. Economics is the study of how individuals and societies deal with scarcity by making choices about what to produce, how to produce it, who receives what is produced, and how resources are allocated. Microeconomics analyzes individual units like households and firms, while macroeconomics analyzes aggregates for the overall economy. Key economic assumptions include rational choice by consumers and profit-maximizing firms, and the concept of equilibrium where benefits and costs are balanced.
This document provides an introduction to microeconomics. It defines key economic concepts like economy, economics, scarcity and factors of production. It explains the differences between positive and normative economics and describes different types of economic systems including traditional, command, market, socialist and mixed economies. Specific examples are given for some systems. The four basic economic questions and three E's in economics - efficiency, effectiveness and equity - are also outlined.
Chapter 1 - basic concepts about macroeconomics for BBAginish9841502661
This chapter introduces macroeconomics and important macroeconomic concepts. It discusses what macroeconomists study, including issues like inflation, unemployment, recessions, government budgets, trade balances, and economic growth. It introduces tools and concepts used in macroeconomic analysis, including aggregate supply and demand, GDP, unemployment, inflation, and exchange rates. It explains why macroeconomics is important by outlining how the macroeconomy impacts society's well-being. Finally, it provides an overview of basic macroeconomic models and concepts like stocks and flows, production possibility frontiers, and the differences between endogenous and exogenous variables.
The document provides an introduction to key concepts in economics. It defines economics as the study of how individuals and societies make choices about allocating scarce resources. It discusses microeconomics, macroeconomics, and the factors of production. It also summarizes concepts like opportunity cost, utility, and the basic economic question of what, how, and for whom to produce goods and services.
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.
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.
This document introduces several key concepts in managerial economics. It discusses (1) microeconomics versus macroeconomics, where micro focuses on individual units and macro looks at the overall economy, (2) the three major problems facing any economy: allocation of resources, utilization of resources, and growth of resources, and (3) production possibility curves which show the maximum output combinations an economy can produce with fixed resources.
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.
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.
This document provides an introduction to microeconomics. It defines key economic concepts like economy, economics, scarcity and factors of production. It explains the differences between positive and normative economics and describes different types of economic systems including traditional, command, market, socialist and mixed economies. Specific examples are given for some systems. The four basic economic questions and three E's in economics - efficiency, effectiveness and equity - are also outlined.
Chapter 1 - basic concepts about macroeconomics for BBAginish9841502661
This chapter introduces macroeconomics and important macroeconomic concepts. It discusses what macroeconomists study, including issues like inflation, unemployment, recessions, government budgets, trade balances, and economic growth. It introduces tools and concepts used in macroeconomic analysis, including aggregate supply and demand, GDP, unemployment, inflation, and exchange rates. It explains why macroeconomics is important by outlining how the macroeconomy impacts society's well-being. Finally, it provides an overview of basic macroeconomic models and concepts like stocks and flows, production possibility frontiers, and the differences between endogenous and exogenous variables.
The document provides an introduction to key concepts in economics. It defines economics as the study of how individuals and societies make choices about allocating scarce resources. It discusses microeconomics, macroeconomics, and the factors of production. It also summarizes concepts like opportunity cost, utility, and the basic economic question of what, how, and for whom to produce goods and services.
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.
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.
This document introduces several key concepts in managerial economics. It discusses (1) microeconomics versus macroeconomics, where micro focuses on individual units and macro looks at the overall economy, (2) the three major problems facing any economy: allocation of resources, utilization of resources, and growth of resources, and (3) production possibility curves which show the maximum output combinations an economy can produce with fixed resources.
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.
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.
This document provides an overview of introductory economics concepts. It begins by defining key terms like economics, microeconomics, macroeconomics, and scarcity. It then discusses the basic concepts of supply and demand, explaining the supply-demand curve and factors that can cause shifts in supply and demand. The document also covers price stability, full employment, economic growth, and other basic objectives of economics. It provides examples of inflation and its causes. Overall, the document presents foundational microeconomics concepts.
𐫱 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.😃
This document provides an overview of the subject Managerial Economics. It discusses key topics that will be covered, including basics of managerial economics, demand theory, cost of production, production theory, and market analysis. The syllabus outlines suggested readings and the nature and scope of economic analysis. It defines economics and discusses concepts like scarcity, efficiency, microeconomics, macroeconomics, and the meaning and role of managerial economics. It also covers decision making, factors that affect decision making like certainty, risk and uncertainty, and the steps involved in managerial decision making.
This document discusses the fundamental concepts of economics including scarcity, factors of production, markets, productivity, and opportunity cost. It defines key terms like goods, services, consumers, wealth, and economic growth. Scarcity is introduced as the central problem of economics, where unlimited wants exist in a world with limited resources. This forces individuals and societies to make choices about what and how to produce and for whom.
The document provides an introduction to health economics. It defines economics and explains that health economics deals specifically with how limited healthcare resources are used to meet unlimited healthcare wants and needs. It also discusses the demand for healthcare, noting that demand depends on both the demand for health as well as perceptions of how healthcare impacts health. The document also outlines some of the key requirements of healthcare systems, including being economical, effective, efficient, and equitable. Finally, it briefly discusses the concepts of demand and supply in healthcare markets.
This document provides an introduction to economics, discussing key topics like scarcity of resources, economic activities, microeconomics, macroeconomics, and basic economic problems. It explains that economics involves recognizing scarce resources, prioritizing their use efficiently, engaging in economic activity, and understanding problems like poverty and inflation. Microeconomics examines individual decision-making in markets, while macroeconomics considers whole economy decisions made by governments. Some basic economic problems societies must address are what and how to produce goods and services, and who they should be produced for.
This document provides an overview of economics. It defines economics as the study of how individuals, businesses, governments, and societies make choices with scarce resources. It distinguishes between microeconomics, which studies individual and business decision-making, and macroeconomics, which studies overall economic activity and performance. Two key economic questions are examined: what goods and services are produced, how they are produced, and who receives them. The concept of incentives, tradeoffs, and opportunity costs are introduced as part of the "economic way of thinking."
This chapter introduces economics and key concepts like scarcity, trade-offs, and opportunity costs. It discusses how economists use models to study the real world. The main points are:
1) Economics involves making choices because resources are scarce and wants exceed what's available. The four factors of production are land, labor, capital, and entrepreneurship.
2) Trade-offs require sacrificing one thing for another and create opportunity costs, like the value of the next best alternative given up. Production possibilities curves illustrate the maximum amounts of two items an economy can produce.
3) Economists use models as simplified representations to explain behavior. Microeconomics examines individuals and firms while macroeconomics looks at whole economies
This document provides an overview of principles of economics. It defines economics as the study of how individuals and organizations allocate scarce resources to fulfill unlimited wants. It discusses key economic concepts like scarcity, opportunity cost, and trade-offs. It also outlines the nature and scope of economics, including microeconomics which examines individual units, and macroeconomics which looks at aggregate economic activity and performance. The document provides examples to illustrate various economic principles and differences between micro and macro perspectives.
The document provides an introduction to economics. It discusses [1] how economics deals with scarce resources and unlimited wants, posing problems of what, how, and for whom to produce goods and services, [2] the different types of resources including land, labor, capital, and entrepreneurial talent, and [3] some objectives and pitfalls of economic reasoning including efficiency, equity, and avoiding logical fallacies.
The document provides an introduction to economics. It discusses [1] how economics deals with scarce resources and unlimited wants, posing problems of what, how, and for whom to produce goods and services, [2] the different types of resources including land, labor, capital, and entrepreneurial talent, and [3] some objectives and pitfalls of economic reasoning including efficiency, equity, and avoiding logical fallacies.
This document provides an overview of introductory economics concepts. It defines economics as the study of how people try to satisfy unlimited wants through scarce resources. It discusses the three basic economic questions of what, how, and for whom to produce. The four factors of production are outlined as land, labor, capital, and entrepreneurship. The document also defines needs versus wants, and explains why economics is considered a social science.
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1) The document discusses the definitions and scope of both microeconomics and macroeconomics. Microeconomics examines the economic decisions of individual agents like consumers and firms, while macroeconomics analyzes aggregates for the overall economy such as total output, employment and inflation.
2) Microeconomics determines demand and supply patterns and helps explain pricing and resource allocation. However, it does not address issues like national income determination, business cycles, unemployment, and the effects of fiscal and monetary policy.
3) Macroeconomics is concerned with economy-wide magnitudes rather than individual units. It studies important macro issues such as income, employment, price levels, business cycles, balance of payments, and the impact of government policies
Introduction of Microeconomics (2).pptx0129OsmanGoni
Economics is the study of how limited resources are used to satisfy unlimited human wants. It examines scarcity and the choices that must be made as a result. There are four main productive resources - land, labor, capital, and entrepreneurship. Macroeconomics looks at aggregate economic measures like growth and inflation, while microeconomics analyzes individual markets and decision making. Positive economics makes factual statements that can be tested, while normative economics involves value judgments about how the economy should work. The three basic economic questions are what to produce, how to produce it, and who receives what is produced.
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.
LESSON 1 DEFINING AND UNDERSTANDING MICROECONOMICS.pptxLeighTajon
Microeconomics studies how individuals, households, and firms make decisions to allocate scarce resources. The key problems addressed are scarcity, demand, and efficient resource allocation. Scarcity means that resources are limited in supply compared to human wants. This requires making choices to satisfy the most urgent needs. Microeconomics aims to understand how to maximize satisfaction given scarce resources.
Microeconomics examines individual choices concerning one product, firm, or industry, while macroeconomics examines the behavior of the whole economy. Economics studies how people try to satisfy seemingly unlimited wants through careful use of scarce resources. The fundamental economic problem is scarcity, which results from not having enough resources to produce all things people would like.
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.
Managerial economics applies economic theory and quantitative methods to business decision making. It helps managers optimize their choices related to production, pricing, capital investment and other areas. By using analytical tools and frameworks, managerial economics aims to improve decision making under conditions of uncertainty. It bridges the gap between abstract economic theory and practical business management. The key goals of managerial economics are rational decision making and forward planning to maximize a firm's objectives.
This document provides an overview of introductory economics concepts. It begins by defining key terms like economics, microeconomics, macroeconomics, and scarcity. It then discusses the basic concepts of supply and demand, explaining the supply-demand curve and factors that can cause shifts in supply and demand. The document also covers price stability, full employment, economic growth, and other basic objectives of economics. It provides examples of inflation and its causes. Overall, the document presents foundational microeconomics concepts.
𐫱 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.😃
This document provides an overview of the subject Managerial Economics. It discusses key topics that will be covered, including basics of managerial economics, demand theory, cost of production, production theory, and market analysis. The syllabus outlines suggested readings and the nature and scope of economic analysis. It defines economics and discusses concepts like scarcity, efficiency, microeconomics, macroeconomics, and the meaning and role of managerial economics. It also covers decision making, factors that affect decision making like certainty, risk and uncertainty, and the steps involved in managerial decision making.
This document discusses the fundamental concepts of economics including scarcity, factors of production, markets, productivity, and opportunity cost. It defines key terms like goods, services, consumers, wealth, and economic growth. Scarcity is introduced as the central problem of economics, where unlimited wants exist in a world with limited resources. This forces individuals and societies to make choices about what and how to produce and for whom.
The document provides an introduction to health economics. It defines economics and explains that health economics deals specifically with how limited healthcare resources are used to meet unlimited healthcare wants and needs. It also discusses the demand for healthcare, noting that demand depends on both the demand for health as well as perceptions of how healthcare impacts health. The document also outlines some of the key requirements of healthcare systems, including being economical, effective, efficient, and equitable. Finally, it briefly discusses the concepts of demand and supply in healthcare markets.
This document provides an introduction to economics, discussing key topics like scarcity of resources, economic activities, microeconomics, macroeconomics, and basic economic problems. It explains that economics involves recognizing scarce resources, prioritizing their use efficiently, engaging in economic activity, and understanding problems like poverty and inflation. Microeconomics examines individual decision-making in markets, while macroeconomics considers whole economy decisions made by governments. Some basic economic problems societies must address are what and how to produce goods and services, and who they should be produced for.
This document provides an overview of economics. It defines economics as the study of how individuals, businesses, governments, and societies make choices with scarce resources. It distinguishes between microeconomics, which studies individual and business decision-making, and macroeconomics, which studies overall economic activity and performance. Two key economic questions are examined: what goods and services are produced, how they are produced, and who receives them. The concept of incentives, tradeoffs, and opportunity costs are introduced as part of the "economic way of thinking."
This chapter introduces economics and key concepts like scarcity, trade-offs, and opportunity costs. It discusses how economists use models to study the real world. The main points are:
1) Economics involves making choices because resources are scarce and wants exceed what's available. The four factors of production are land, labor, capital, and entrepreneurship.
2) Trade-offs require sacrificing one thing for another and create opportunity costs, like the value of the next best alternative given up. Production possibilities curves illustrate the maximum amounts of two items an economy can produce.
3) Economists use models as simplified representations to explain behavior. Microeconomics examines individuals and firms while macroeconomics looks at whole economies
This document provides an overview of principles of economics. It defines economics as the study of how individuals and organizations allocate scarce resources to fulfill unlimited wants. It discusses key economic concepts like scarcity, opportunity cost, and trade-offs. It also outlines the nature and scope of economics, including microeconomics which examines individual units, and macroeconomics which looks at aggregate economic activity and performance. The document provides examples to illustrate various economic principles and differences between micro and macro perspectives.
The document provides an introduction to economics. It discusses [1] how economics deals with scarce resources and unlimited wants, posing problems of what, how, and for whom to produce goods and services, [2] the different types of resources including land, labor, capital, and entrepreneurial talent, and [3] some objectives and pitfalls of economic reasoning including efficiency, equity, and avoiding logical fallacies.
The document provides an introduction to economics. It discusses [1] how economics deals with scarce resources and unlimited wants, posing problems of what, how, and for whom to produce goods and services, [2] the different types of resources including land, labor, capital, and entrepreneurial talent, and [3] some objectives and pitfalls of economic reasoning including efficiency, equity, and avoiding logical fallacies.
This document provides an overview of introductory economics concepts. It defines economics as the study of how people try to satisfy unlimited wants through scarce resources. It discusses the three basic economic questions of what, how, and for whom to produce. The four factors of production are outlined as land, labor, capital, and entrepreneurship. The document also defines needs versus wants, and explains why economics is considered a social science.
business economics Essay
Economic Growth Essay
Economics Essay
What is Economics? Essay
Economic Systems Essay
Inflation and the Economy Essay
economic Essay
Free Market Economy Essay
Economics Elasticity Essay
Macroeconomics Essay
The Global Economy Essay
Economic Equality
Economic Decision Making Essay example
1) The document discusses the definitions and scope of both microeconomics and macroeconomics. Microeconomics examines the economic decisions of individual agents like consumers and firms, while macroeconomics analyzes aggregates for the overall economy such as total output, employment and inflation.
2) Microeconomics determines demand and supply patterns and helps explain pricing and resource allocation. However, it does not address issues like national income determination, business cycles, unemployment, and the effects of fiscal and monetary policy.
3) Macroeconomics is concerned with economy-wide magnitudes rather than individual units. It studies important macro issues such as income, employment, price levels, business cycles, balance of payments, and the impact of government policies
Introduction of Microeconomics (2).pptx0129OsmanGoni
Economics is the study of how limited resources are used to satisfy unlimited human wants. It examines scarcity and the choices that must be made as a result. There are four main productive resources - land, labor, capital, and entrepreneurship. Macroeconomics looks at aggregate economic measures like growth and inflation, while microeconomics analyzes individual markets and decision making. Positive economics makes factual statements that can be tested, while normative economics involves value judgments about how the economy should work. The three basic economic questions are what to produce, how to produce it, and who receives what is produced.
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.
LESSON 1 DEFINING AND UNDERSTANDING MICROECONOMICS.pptxLeighTajon
Microeconomics studies how individuals, households, and firms make decisions to allocate scarce resources. The key problems addressed are scarcity, demand, and efficient resource allocation. Scarcity means that resources are limited in supply compared to human wants. This requires making choices to satisfy the most urgent needs. Microeconomics aims to understand how to maximize satisfaction given scarce resources.
Microeconomics examines individual choices concerning one product, firm, or industry, while macroeconomics examines the behavior of the whole economy. Economics studies how people try to satisfy seemingly unlimited wants through careful use of scarce resources. The fundamental economic problem is scarcity, which results from not having enough resources to produce all things people would like.
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.
Managerial economics applies economic theory and quantitative methods to business decision making. It helps managers optimize their choices related to production, pricing, capital investment and other areas. By using analytical tools and frameworks, managerial economics aims to improve decision making under conditions of uncertainty. It bridges the gap between abstract economic theory and practical business management. The key goals of managerial economics are rational decision making and forward planning to maximize a firm's objectives.
How to Download & Install Module From the Odoo App Store in Odoo 17Celine George
Custom modules offer the flexibility to extend Odoo's capabilities, address unique requirements, and optimize workflows to align seamlessly with your organization's processes. By leveraging custom modules, businesses can unlock greater efficiency, productivity, and innovation, empowering them to stay competitive in today's dynamic market landscape. In this tutorial, we'll guide you step by step on how to easily download and install modules from the Odoo App Store.
How to Manage Reception Report in Odoo 17Celine George
A business may deal with both sales and purchases occasionally. They buy things from vendors and then sell them to their customers. Such dealings can be confusing at times. Because multiple clients may inquire about the same product at the same time, after purchasing those products, customers must be assigned to them. Odoo has a tool called Reception Report that can be used to complete this assignment. By enabling this, a reception report comes automatically after confirming a receipt, from which we can assign products to orders.
A Free 200-Page eBook ~ Brain and Mind Exercise.pptxOH TEIK BIN
(A Free eBook comprising 3 Sets of Presentation of a selection of Puzzles, Brain Teasers and Thinking Problems to exercise both the mind and the Right and Left Brain. To help keep the mind and brain fit and healthy. Good for both the young and old alike.
Answers are given for all the puzzles and problems.)
With Metta,
Bro. Oh Teik Bin 🙏🤓🤔🥰
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
CapTechTalks Webinar Slides June 2024 Donovan Wright.pptxCapitolTechU
Slides from a Capitol Technology University webinar held June 20, 2024. The webinar featured Dr. Donovan Wright, presenting on the Department of Defense Digital Transformation.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
2. Scarcity
A fundamental fact dominates our lives: We want more than we can
get.
Scarcity is the condition in which our wants (for goods) are greater
than the limited resources (land, labor, capital, and
entrepreneurship) available to satisfy those wants.
In other words, we want goods, but not enough resources are
available to provide us with all the goods we want.
3. Resources
Land: The “gifts of nature” that we use to produce goods and services are called land.
In Economics we refer it as natural resources. Examples: Minerals, oil, wood, gas, coal,
water, air, forests, animals etc.
Labor: Consists of the physical and mental talents that people contribute to the
production process. For example, a person building a house is using his or her own labor.
Capital: The tools, instruments, machines, buildings, and other constructions that
businesses use to produce goods and services are called capital. One country might have
more capital than another; that is, it has more factories, machinery, tools, and the like.
Entrepreneurship: Refers to the talent that some people have for organizing the
resources of land, labor, and capital to produce goods, seek new business opportunities,
and develop new ways of doing things.
4. What is Economics?
The science of scarcity; the science of how individuals and
societies deal with the fact that wants are greater than the
limited resources available to satisfy those wants.
Economics is the study of how societies, governments,
businesses, households, and individuals use scarce resources to
produce valuable commodities and distribute them among
different people.
Economics defined as “a social science concerned with the
proper uses and allocation of resources for the achievement and
maintenance of growth with stability.”
5. What is Economics?
◦ Following fundamental problems an economy has to tackle:
1. What to produce – Which goods and quantities
2. How to produce – Production techniques (Labor intensive
or capital intensive)
3. For whom to produce – Distribution of national product
4. Allocation of resources – Scarce resources (money, labor,
and materials)
5. Problems of efficiency and growth – Efficiency of resource
use, growth, and stability
6. Microeconomics vs
Macroeconomics
Microeconomics
• It is the study of individual
economic units of an economy
• It deals with Individual Income,
Individual prices, Individual output,
etc.
•Example: The effects of rent control
on housing in Dhaka city, the impact
of foreign competition on the
Bangladesh garments industry.
Macroeconomics
• It is the study of economy as a
whole and its aggregates.
• It deals with aggregates like
national Income, general price level
(Inflation/Deflation), national
output, unemployment rate etc.
• Example: The effects of borrowing
by the government, the changes in
the economy’s unemployment rate
over time
7. Microeconomics vs.
Macroeconomics
Microeconomics
•Its central problem is price
determination and allocation of
resources.
•Price Theory: Explain the composition,
or allocation of total production – why
more of some things produced than of
others.
•Its main tools are demand and supply of
a particular commodity/factor.
•It helps to solve the central problem of
‘what, how and for whom’ to produce.
Macroeconomics
•Its central problem is determination of
level of Income and employment
•Income theory explains the levels of
total production and why the level rises
and falls.
•Its main tools are aggregate demand and
aggregate supply of the economy as a
whole.
•It helps to solve the central problem of
full employment of resources in the
economy.
8. Scopes of Microeconomics
Microeconomics is both positive and normative.
◦ It not only tells us how the economy operates but also how it should be
operated to promote general welfare.
Positive Science explains ”what is”
Normative Science tells “what ought to be” i.e. right or wrong of a thing.
Positive science describes while the normative science evaluates.
"government-provided healthcare increases public expenditures”
"government should provide basic healthcare to all citizens"
9. Positive versus Normative Analysis
Positive statements are statements that describe the world
as it is.
Called descriptive analysis
Normative statements are statements about how the world
should be.
Called prescriptive analysis
10. ?
?
Positive or Normative Statements?
An increase in the minimum wage will cause a
decrease in employment among the least-skilled.
11. ?
?
?
Positive or Normative Statements?
Higher federal budget deficits will cause interest
rates to increase.
12. ?
?
?
Positive or Normative Statements?
State governments should be allowed to collect from
tobacco companies the costs of treating smoking-
related illnesses among the poor.
13. Assumptions in Economics
“The consumers seek maximum satisfaction out of the money they
spend”
“The consumers’ tastes remain unchanged for fairly long periods
of time”
“The businessmen seeking maximum profits”
“The assumption of Perfect Competition”
“The concept of Equilibrium”
◦ Where consumer have maximum satisfaction and an Entrepreneur
earn maximum profit.
14. Assumptions in Economics
◦Ceteris paribus ‘other things being equal’
◦Most of the economic laws are preceded or end
with this phrase.
◦This means that the law will hold good if there are
no other changes taking place at the same time in
the related economic phenomena.
https://www.youtube.com/watch?v=BVsstySPzY0&feature=youtu.be
15. Assumptions in Economics
An economist might say, ceteris paribus,
• Raising the minimum wage increases unemployment;
• Increasing the supply of money causes inflation;
Most economists rely on ceteris paribus to build and test economic
models.
In simple language, it means the economist can hold all variables in
the model constant and tinker with them one at a time.
16. Opportunity Cost
The opportunity cost of an item is what you give up to
obtain that item.
Every time you make a choice, you incur an opportunity
cost.
The higher the opportunity cost of doing something is,
the less likely it will be done.
https://www.youtube.com/watch?v=SA16Qw09bXM
17.
18. Thinking on the Margin
According to economists, for most decisions, you think in terms of additional, or
marginal, costs and benefits, not total costs and benefits.
That’s because most decisions deal with making a small, or additional, change.
Not the Total Change.
Marginal Benefits: Additional benefits; the benefits connected with consuming
an additional unit of a good or undertaking one more unit of an activity.
Marginal Costs: Additional costs; the costs connected with consuming an
additional unit of a good or undertaking one more unit of an activity.
According to economists, when individuals make decisions by comparing
marginal benefits to marginal costs, they are making decisions at the margin.
19. Efficiency
In Economics sense, Efficiency is
Maximizing the Net Benefit
Optimal usage of resources
In economics, the right amount of
anything is the optimal or efficient
amount—the amount for which the
marginal benefits equal the
marginal costs.
Income level of garments workers - Microeconomics
Income level of all the citizen of Bangladesh – Macroeconomics. GDP = Gross Domestic Product
Inflation: Increase in general price level of all products and it means decreasing the purchasing power of money. The effects of rent control on housing in Bangladesh
Deflation: Decrease in general price level of all products and it means increasing the purchasing power of money.
Home work: What is inflation and deflation?
Which countries are suffering from inflation and deflation in 2020 and the rate. 5 countries.
Analyze the income of an individual or of an industry and not the national income of a country.
The export of garments products was going down in 2019 compare to 2018.
Government should give more facilities to garments industry in order to increase the export of goods.
Perfect Competition: Large Number of buyers and Sellers, commodity is homogeneous, buyer and seller can influence price.
An economist might say, ceteris paribus, raising the minimum wage increases unemployment; increasing the supply of money causes inflation;
Most, though not all, economists rely on ceteris paribus to build and test economic models. In simple language, it means the economist can hold all variables in the model constant and tinker with them one at a time.
If everything else is constant, increase in price will cause a decrease in demand of a product
So far we have established that people must make choices because scarcity exists.
For example, you have chosen to read this chapter. In making this
choice, you denied yourself the benefits of doing something else. You could have watched
television, texted friends, taken a nap, eaten a few slices of pizza, read a novel, shopped for
a new computer, and so on. Whatever you would have chosen to do is the opportunity cost
of your reading this chapter.
For example, if you would have watched television instead of
reading this chapter—if this was your next best alternative—then the opportunity cost of
reading this chapter is watching television.
example, Ryan, who is a sophomore at college, attends classes Monday through Thursday
of every week. Every time he chooses to go to class, he gives up the opportunity to do
something else, such as earn $12 an hour working at a job. The opportunity cost of Ryan’s
spending an hour in class is $12.
Now let’s raise the opportunity cost of attending class. On Tuesday, we offer Ryan $70
to skip his economics class. He knows that if he attends his economics class, he will forfeit
$70. What will Ryan do? An economist would predict that as the opportunity cost of
attending class increases relative to its benefits, Ryan is less likely to go to class.
For example, a consumer is willing to pay $5 for an ice cream, so the marginal benefit of consuming the ice cream is $5. However, the consumer may be substantially less willing to purchase additional ice cream at that price – only a $2 expenditure will tempt the person to buy another one. If so, the marginal benefit has declined from $5 to $2 over just one extra unit of ice cream. Thus, the marginal benefit declines as the consumer's level of consumption increases.
For example, a production line currently creates 10,000 widgets at a cost of $30,000, so that the average cost per unit is $3.00. However, if the production line creates 10,001 units, the total cost is $30,002, so that the marginal cost of the one additional unit is only $2. This is a common effect, because there is rarely any additional overhead cost associated with a single unit of output, resulting in a lower marginal cost
Marginal = Additional