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Economics

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by

Karl Lester De Vera

on 21 June 2015

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Transcript of Economics

Economics
Definition and Importance
Associate it
Analyze it
Apply it
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.
Argue For
or Against It
Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life.
-Tyler Cowen
Describe it
Examine the subject closely and describe what you see.

Compare it
What is it similar to? What is it different from?
SCARCITY
UNLIMITED
WANTS
LIMITED
RESOURCES
is a Social Science concerned with how individuals and society choose to use its scarce resources to achieve maximum satisfaction of human material wants.
ECONOMICS
Why we study Economics?
TO LEARN A NEW WAY OF THINKING
TO UNDERSTAND SOCIETY
TO UNDERSTAND GLOBAL AFFAIRS
TO BECOME AN INFORMED VOTER
Opportunity Cost
Marginalism
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.
Full transcript