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Introduction to Economics

Short discussion about Economics for 3rd Year.
by

Remron Anatan

on 16 September 2012

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Transcript of Introduction to Economics

Economics: A Short Peek Made by: Remron Anatan, IV-St. Therese of Lisieux Economics is a social science that studies how scarce human and non-human resources maybe allocated to satisfy man's unlimited needs and wants. What is Economics? Economics came from the Greek words, "oikos", which means house, and "nomos", which means management. If ECONOMICS is the answer, then what could be the question? Brief History of Economic Thoughts Let's watch a music video about Economics :) It is the science of choice. we are making decisions to properly allocate the scarce resources for satisfying the demands of man. The concepts of economics started out with the Greeks. Greek Era Xenophon, a Greek philosopher, created an instructional treatise called "Oeconomicus". General Importance of Economics David Ricardo Brief History of Economic Thoughts Economics started as a small kind of management and that is the house management. In the treatise, he described the Greek economy as a premarket. It also emphasized human contract through effective leadership. However, Plato contrasted the ideas of Xenophon. In his work, "The Republic," he created a blueprint for an economy. It is said that cities are founded on key principles of specialization and division of labor. Aristotle, Plato's student, didn't agree on his teacher's concept. He said that private property is for all classes and not just for established leaders. In his book, "Topics and Rhetoric," he viewed exchange as a way of to satisfy individual and collective wants and not to accumulate wealth. Mercantilists and Physiocrats Mercantilism is an economic theory that tells the economic status of a country through accumulation of gold and silver. The failures of mercantilism in keeping agricultural output from declining and taxes from increasing paved the way for the physiocrats. The physiocrats is a group led by Francois Quesnay. They believed that natural resources are important to the economy. They also said that natural resources should be used wisely and properly to attain maximum advantages from it. Classicists and Neo-Classicists These differences in the principles of mercantilists and physiocrats led to recognition of the classicists and neo-classicists. Classicists are economists from a classical school led by Adam Smith, who is known as "Father of Modern Economics." He explained the "laissez faire" doctrine or the "let alone policy." He said that the government should not interfere with man's economic activities towards the free market. He also explained the "Invisible Hand" of the economy in which this "hand" is a natural force that guides free market capitalism through competition for scarce resources. Neo-classicists on the other hand, contradicts the principles of the classicists. The neo-classicists is led by John Maynard Keynes. He is considered as the "Father of Modern Employment Theory" and said that the government should interfere and they have a significant role in maintaining equilibrium in the economy. Before we begin... MAIN QUESTION THANK YOU FOR
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
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