Name: MERBEN JOHN B.

SILVA Course: BSBA-Financial Management 2

Date: SEPTEMBER 10, 2020

1. What is economics?
Economics is a social science that concerns with production, consumption, and transfer of
wealth. It focuses on the behavior and interactions of economic agents and how economies
work.

In the society, it helps to improve the living standards and make it a better place. Each society
has its own economy, and every economy reflects the needs and cultural attributes of society.

2. What is microeconomics?

Microeconomics is the study of what is likely to happen (tendencies) when individuals make
choices in response to changes in incentives, prices, resources, and/or methods of production.
Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and
business owners.

In the society, microeconomics examines how a company could maximize its production and
capacity so that it could lower prices and better compete in its industry.

3. Human Resource Management

Human Resource Management is a management function concerned with hiring, motivating,

and maintaining workforce in an organization. Human resource management deals with issues
related to employees such as hiring, training, development, compensation, motivation,
communication, and administration.