Economics Lesson 1: Revisiting Economics As Social Science

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Oikos- Household

Nomos- Management

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Economics is from the greek word?

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Economics

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Wise production and use of wealth to meet the demands or needs of the people

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Paul Samuelson (Economics)

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The study of how people and society end up choosing, with or without use of money, to employ scarce resources that could have alternative uses to produce various commodities among various persons and group in society

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Roger Le Roy Miller (Economics, Today and Tomorrow)

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Economics concerns situations in which choices must be made about how to use limited resources , when to use them and for what purpose. Resources can be defined as the things people use to make the commodities they want

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Hall and Loeberman (Macroeconomics: Principles and Application)

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The study of choice under the condition of scarcity

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Bernardo Villegas (Guide to Economics for Filipinos)

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A social science that studies and seeks to allocate scarce human and non-human resources among alternatives in order to satisfy unlimited human wants and desire

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Gerardo Sicat (Economics)

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A scientific study ehich deals with how individuals and society makes choices

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Economics

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Study of social behavior guiding in the allocation of scarce resources to meet the unlimited needs and desires of the indicidual members of a given society

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Scarcity

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A situation wherein the amount of something available is insufficient to satisfy the desire for it.

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Resources

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The labor, capital, land and natural resources and entrepreneurship that used to produce goods and services

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Unlimited

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Wihtout limits/ infinite

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Wants

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Desires

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Wealth

Decision making process

Allocation process

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Three strands in the development of the definition of economics

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Economics as study of wealth

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Science of wealth-getting and wealth-using implies that the motivation of the process if wealth accumulation is the utilization of wealth for individual's satisfaction and society's welfare. It focuses on activities answering the two major problems in the society: production and consumption

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Economics as study of making choices

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Decision making based on alternative choices . In making decision, we have to consider major concept in the study of economics: Oplortunity Cost

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Opportunity Cost

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the loss of potential gain from other alternatives when one alternative is chosen.

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Economics as a study of allocation

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Deals with the allocation of scarce resources to answer the unlimited human wants.

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Social science

Resources

Human wants

Scarcity

Allocation

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Economics can be analyzed comorehensively interms of its five key elements

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Economics as social science

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It utilizes the scientific method of inquiry from identifying the problem, proposing alternative answers, testing alternative answer to the question or the problem, gathering and treating the data, and answering the question through conclusion

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Social Science

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Study of various modes and aspect of human interaction in a group.

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Resources or wealth

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Product of nature, quality of individual, man made things which are used in producing goods and services

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Wants

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Differentiated or expanded human need

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Human needs

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Basic neccessities for human survival

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Scarcity

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Can be considered as a key economic problem because of the limitation of resources

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Allocation

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Mechanism for distributing limited resources

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Market

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Place where transactions are made

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Market

Command system

Tradition

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3 mechanism of allocation

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Command system

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Government is incharge of allocation of resources by using its political power in answering basic economic problem

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Tradition

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Useful in situations where the operation of the market may not be appropriate, or power of an organized state has no control over a certain community

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Tradition

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Useful in situations where the operation of the market may not be appropriate, or power of an organized state has no control over a certain community

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Production

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Use of inputs to produce outputs

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Inputs

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Commodities or services that are used to produce goods and services

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Outputs

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The different goods and services which come out of production process

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Society

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They decide what output will be produced and in what quantity

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Distribution

Consumption

Public Finance

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Economics is concerned with?

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Distribution

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Allocation of total product among members of society

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Consumption

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Ultimate end of economic activity.

Use of good or service.

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Public finance

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Concerned with government expenditures and revenues

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Taxation and borrowing

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government raises money through?

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Microeconomics

Macroeconomics

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2 division of economics

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Microeconomics

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Specific.

Deals with economic behavior of individual units.

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Macroeconomics

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General, whole economy.

Deals with the economic behavior of the whole economy and its aggregate

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1. Household economics

2. Business economics

3. National economics

4. International economics

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Types of Economics

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Because it is an organized body of truth with reference to genral laws and principle

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Why is economics a science