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41 Cards in this Set
- Front
- Back
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oikos |
household |
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Nomos |
Managament |
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Economics |
Household management |
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Economics |
The wise production and use of wealth to meet the demands or needs of the people |
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Economics |
the study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society |
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Paul Samuelson |
the Study of how people and Society end up choosing, with or without use of money |
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Roger Le Roy Miller |
Economics concerns situations in wc choices must be made about how to use limited Resources |
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Hall and Loeberman |
study of choice under the condition of scarcity |
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Bernardo Villegas |
a social science that studies and seeks to allocate scarce human and non-human resources among alternatives |
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Gerardo Sicat |
- a scientific study wc deals with how individuals and society make choices |
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Scarcity |
- a situation wherein the amount of something available is insufficient to satisfy a desire for it |
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Resources |
- the labor, capital, land and natural resources and entrepreneurship that are used to produce goods and services |
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Unlimited |
- without limits, infinite |
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Wants |
Desires |
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Wealth |
(focuses on activities answering 2 major problems : production and consumption) |
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Decision-Making |
(focuses on opportunity costs) |
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Allocation Process ( |
Allocating resources |
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social science |
Economics is primarily a ______ _________. As a science it utilizes the scientific method of inquiry from identifying the problem, proposing alternative answers, testing alternative answers to the question, gathering and treating the data and answering the question through the conclusion. |
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Social science |
can be described as the study of the various models and aspects of human interactions in a group as these people aspire to preserve their group as a social science unit, to make it stable, and to promote its growth, expansion, and development. As a social science, economics pertains to the study on how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth. It is related to the other social sciences that study other dimensions of a society. |
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2nd Dimension : Resources |
resources are the products of nature, qualities of individuals, and man-made things which are used in producing goods and services |
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3rd Dimension : Human wants |
human wants are expanded human needshuman needs can be portrated as the basic neccessities for material survival including food, shelter, etc human wants is influenced by income and environment
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4th Dimension : Scarcity |
scarcity is a key economic problem bcs of the limitations of resources, and the expansion of human wants and human needs |
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5th Element : Allocation |
there is a need for a mechanism of distributing limited resources to meet the expanding human wants allocation is a social mechanism to respond to the economic problem of scarcity |
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3 Major Mechanisms of Allocation Tradition |
the use of tradition may be useful in situations where the operation of the market may not be appropriate, or the power of an organized state has no control over a certain community |
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3 Major Mechanisms of Allocation Market |
not only a place but a state when transactions are madea state where buyers and sellers transact on the purchase or sale
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3 Major Mechanisms of Allocation Command System |
the state or agency of the govt may be in charge in the allocation of resources by using its political power in answering the basic economic problems
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Concerns of Economics |
ProductionDistributionConsumptionPublic Finance
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Production |
Production is the use of inputs to produce outputsInputs are commodities or services that are used to produce goods and servicesOutputs are different goods and services which come out of production processSociety have to decide what outputs will be produced and in what quantity |
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Distribution |
the allocation of the total product among members of society. It is related to the problem of for whom goods and services are to be produced |
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Consumption |
the use of a good or service; consumption is the ultimate end of economic activitywhen there is no consumption, there will be no need for production and distribution |
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Public Finance |
concerned with government expenditures and revenues. Economics study how the govt raises money through taxation and borrowing |
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MICROECONOMICS |
specificdeals with the economic behavior of the individual units such as consumers, firms, owners of factors of productions |
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MACROECONOMICS |
general, economy as a whole deals with the economic behavior of the whole economy, or its aggregate such as government, business, unemployment, inflationmanagement of income, expenditures, wealth, or resources of a nation
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Types of Economics Household Economics |
- most common use of economics is for the family. At this level, anyone who knows the economic principles will be able to improve the running of the household |
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Types of Economics Business Economics |
- when a person or group of persons begin to work, they come under the system of business economics in their workplace. In this type, you deal with the rent, salary, profits, etc |
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Types of Economics National Economics |
- economic factors of problems affecting the whole nation. Deals with the management of income, resources of nation |
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Types of Economics International Economics |
- the highest stage of economic activities, involving the business of one country with other countries like trade, tourism, exchange rates |
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Economics as a Science |
is a science bcs it is an organized body of truth, coordinated, arranged, with reference to general laws and principlesEconomic analysis seeks to explain economic events using some kind logic based on a set of systemic relations |
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Essence of Studying Economics |
To understand the world betterTo gain self-confidence and become wise decision makersTo achieve social change and contribute to National DevelopmentTo help prepare for other careers |
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Historical Development of Economics |
Hunting and FishingPastoral StageAgricultural StageHandicraft StageIndustrial Stage |
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Rowtow's 5 Stages of Economic |
DevelopmentTraditionalPrecondition (to takeoff)TakeoffDrive to MaturityAge of High Mass Consumption |
