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Revisiting Economics As A Social Science
Revisiting Economics As A Social Science
Revisiting
Economics as a
Social Science
Lesso
n1
Economics
2. Nordhaus
2. Webster
Unlimited Make
Scarcity
wants Choices
Economic activities
🞇Earning money
🞇Buying goods and services
🞇Depositing and withdrawing
money in bank
Economics from
“ Oikanomia
”
Household
Management
Science
Social
Science
Economic
s
Economics is classified as a social
science because it deals with the
study of human’s life and how he
lives with other men.
Macroeconomics
ECONOMICS
Microeconomics
Macroeconomics
🞇 Deals
with the economic behavior of the
whole economy or its aggregates
(composed of individual units)
AGGREGATES
Households
Business Government
Macroeconomics
Discusses the following:
- Gross national product
- Level of employment
- National income
- General level of prices
“EMPLOYMENT AND
INCOME ANALYSIS”
Microeconomics
Deals with the economic
behavior of individual units
such as:
🞇Consumers
🞇Firms
🞇Landowners
Microeconomics
🞇 Discusses the following:
- Price of rice
- Number of workers in a certain firm
- Income of Mr. Fu
- Expenditures of PLDT
“PRICE THEORY”
Production
Public
Finance
Divisions Distribution
of
Economics
Consumption Exchange
Divisions of Economics
Factors of Production
Goods
Services
Divisions of Economics
Labor Foreign
Land
exchange
Entrepreneurs Capital
1. Land
These resources consist of free gifts of nature
which includes:
- soil
- rivers
- lakes, oceans
- forests
- mountains
- mineral resources
1. Land
Land is considered an economic resource because it has a
price attached to it.
* we usually pay for it through rent or lease
LET’S TEST
OURSELVES!
1. Economics is derived from the Greek word
“oikanomia” meaning:
a. Economic management
b. Household management
c. Social management
1 point
LET’S TEST
OURSELVES!
2.Economics is a social science because it
deals with:
a. Human nature
b. Natural resources
c. Experimentation
1 point
LET’S TEST
OURSELVES!
3. Scarcity of resources means:
a. minimum resources
b. excess resources
c. shortage of resources
d. no resources
1 point
LET’S TEST
OURSELVES!
4. These are examples of human wants except:
a. smartphone
b. perfume
c. watch
d. clothing
2 points
LET’S TEST
OURSELVES!
5. Give your definition of
economics
1 point per item