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Remigio G. Tiambeng PSBA Faculty
Remigio G. Tiambeng PSBA Faculty
Remigio G. Tiambeng PSBA Faculty
TIAMBENG
PSBA Faculty
AB Economics
Master of Business Administration
Doctor in Business Administration – Candidate
College Faculty for 32 years in various colleges
and universities
College Administrator for 8 years
Entrepreneur for 15 years
10 years in banking industry
REMIGIO G. TIAMBENG
Economics Professor
ACCOUNTING 16
MICROECONOMICS – 8:00 to 10:00 AM
MACROECONOMICS – 10:00 to 12:00 NN
SEPTEMBER 8, 2018
SATURDAY
MICROECONOMICS FUNDAMENTALS
1. THE CIRCULAR FLOW OF ECONOMIC
ACTIVITY
2. IMPORTANCE OF MICROECONOMICS
3. THE FOUR BASIC ECONOMIC PROBLEMS FOR
EVERY SOCIETY
4. FACTORS OF PRODUCTION
5. SCARCITY, CHOICES, OPPORTUNITY COST
and TRADE OFF
WHAT IS MICROECONOMICS?
Microeconomics (from Greek prefix mikro- meaning
"small") is a branch of economics that studies the
behavior of individuals and firms in making
decisions or choices regarding the allocation
of scarce resources and the interactions among
these individuals and firms and how these
decisions/choices affect the market (buyers and
sellers).
============================================
Firms - refers to all types of businesses
Individuals – refers to household or consumers/users
THE CIRCULAR FLOW OF ECONOMIC ACTIVITY
IMPORTANCE OF MICROECONOMICS
Microeconomics is the study of the choices made
by households, firms, and government, and of
how these choices affect the markets for goods
or services.
WE CAN USE MICROECONOMIC ANALYSIS TO:
1. Understand how market work and predict
changes
2. Make personal and managerial decisions
3. Evaluate public choices
FOCUS:
• CONSUMER/HOUSEHOLD as buyer of
finished goods and seller of factors of
production.
• FIRM/BUSINESS as seller of finished
goods and buyer of factors of
production.
• GOVERNMENT as regulator and
protector of business and consumers.
FACTS:
a) Individuals face an economic problem
how to spend their limited income with their
unlimited needs and wants.
Elements of Market: