1 / 5

ECONOMICS 11 LECTURE 1: INTRODUCTION

What is Economics?. It is a social science that deals with the allocation of scarce resources to satisfy unlimited human wants.. Methodology of economics Framework Assumptions (e.g., ceteris paribus) Models (math, graphs, equations). Human Natural Physical. Ori

abraham
Télécharger la présentation

ECONOMICS 11 LECTURE 1: INTRODUCTION

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

    1. ECONOMICS 11 LECTURE 1: INTRODUCTION

    2. What is Economics? It is a social science that deals with the allocation of scarce resources to satisfy unlimited human wants.

    3. Origin of the word Economics Oikonomia Greek word that means household management

    4. Two Main Branches Microeconomics - studies behavior of individual economic units - households, firms, markets Macroeconomics Focus is on the whole/aggregate economy E.g., GNP, GDP, inflation, unemployment

    5. Positive vs. Normative Economics Positive Economics Answers the question: What is? The price of gasoline is Php 42.90/liter. The population growth rate is 2.3%. 11 million Filipinos live on $1 a day. Normative Economics Answers the question: What should be? The price of gasoline should be Php 40.0/liter. The population growth rate must only be at 2 %. Filipinos ought to live on at least $5 a day.

More Related