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Introduction to Economics
Transcript of Introduction to Economics
LISTENING! :D Personal Through Economics, the government makes social choices. These social choices helps to allocate the scarce resources around us and to satisfy the needs of the society. It helps the government to make choices that would be beneficial for the society. In studying economics, we become more aware of what could our choices affect. In short, economics helps us to make our individual choices more effective and beneficial. Our personal choices is the essence of economics. David Ricardo, an English political economist, created the "Law of Diminishing Marginal Returns", where the increasing number of people will use even the smallest of idle lands, man would use so that he could sustain the economy. Thomas Robert Malthus Thomas Robert Malthus is an economist who explained in the "Malthusian Theory", that the higher the population is than the food, it will cause famine and death. Karl Marx Karl Marx, a German sociologist, created communism. We can best describe communism as a political and economic system in which every resources in the country is owned by the government or state, and that it is divided equally among the citizens. Microeconomics Economics as a... Social Science Economics studies about human culture and behavior. What makes it different? Economics studies about man's unlimited wants and needs. it is centered on the small unit of the economy. It discusses the behavior of the consumers, producers and the market. Macroeconomics it studies the behavior of an entire economy (national scale). Presented by: Dani Mar Buencamino, Lance Panganiban and Remron Anatan