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Transcript of Economics
Definition and Importance
What does the subject make you think of?
Break the subject into parts. Tell how it is made.
Describe the subject's uses.
Use any reasoning to argue for or against the subject.
or Against It
Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.
Examine the subject closely and describe what you see.
What is it similar to? What is it different from?
is a Social Science concerned with how individuals and society choose to use its scarce resources to achieve maximum satisfaction of human material wants.
Why we study Economics?
TO LEARN A NEW WAY OF THINKING
TO UNDERSTAND SOCIETY
TO UNDERSTAND GLOBAL AFFAIRS
TO BECOME AN INFORMED VOTER
is that which we forgo, or give up, when we make a choice or decision.
In weighing the costs and benfits of a decision, it is important to weigh only the costs and benefits that arise from the decision.
Another reason for studying economics is to understand society better. Clearly past and present economic decisions have an enormous influence on the character of life in a society.
all countries are part of the world economy and understanding international relations begins with the basic knowledge of the economic links among countries.
When we participate in the political process, we are voting on issues that require a basic understanding of economics.