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    Basics of Economics - 1

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    Ramanjeet Kaur Bhatti

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    Basics of Economics - 1

    Uploaded by

    Ramanjeet Kaur Bhatti
    10 views18 pages

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    10 views18 pages

    Basics of Economics - 1

    Uploaded by

    Ramanjeet Kaur Bhatti

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    Download as pdf
    of 18
    ECONOMICS... . . is not boring! It’s an excitingdiscipline that explores the way motivations shape individual behavior and how that behavior collectively influences markets. What is Economics in General? Economics is the science of scarcity. Scarcity is the condition in which our wants are greater than our limited resources. Since we are unable to have everything we desire, we must make choices on how we will use our resources. In economics we will study the choices of individuals, firms, and governments. Economics is the study of choices. Understanding The Concept of Needs, Wants and Demands ae eae einen eastern ed > Bae ee ece eee ec ee A want is a product desired by a customer that is not required for us to survive. So, want is the complete Wants > a eae acs Ifa customer is willing and able to buy a need or a 2S want itimeans that they haves demand forthat need cate WANT NEED Entertainment Survival Unlimited Pee) tod od Economics The Science of Scarcity ity is the fundamental economic problem that forces consumers and producers to use resources wisely. Seal ‘WHAT | How. [ _to produce _ to produce _ Limited » SCARCITY of q— unlimited Resources goods and services wants ECONOMIAZING PROBLEM (must make choices) society's 3 options for dealing with scarcity Economic Improve the use of Reduce Growth available resources Wants Allocative Productive Equity Full Efficiency Efficiency Employment Interest Rate lower economic growth higher economic growth Satisfaction fi, Consumption © Desire Earning of 0 Wealth es

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