Презентация «Subject and method of economic theory»
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Subject and method of economic theory 1. 1 Economic needs, economic benefits and economic resources. The problem of economic choice 1. 2 The subject of economic theory 1. 3 Methods and functions of …
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Economics Economics is the study of how scarce, or limited, resources are used to satisfy people’s unlimited wants and needs. In other words, economics is concerned with how people make decisions in …
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Scarcity Without scarcity there would be no reason to study economics. Scarcity means that there are not enough, nor can there ever be enough, goods and services to satisfy the wants and needs of all …
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Since it is impossible to satisfy all of the wants and needs of individuals, businesses, nonprofits, government units, and societies, decisions must be made about what to satisfy and how to use …
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Efficiency and Equity In dealing with the basic problem of scarcity – not enough goods and services to satisfy everyone’s wants and needs – there are two important concepts to consider: efficiency, …
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Factors of production Think about all of the thousands of different types of resources, or factors of production, that are used to produce goods and services, from the lighting fixtures in a mall to …
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Factors and income People who own resources provide them for production because they expect a return. Although the return may be personal satisfaction, such as a positive feeling from community …
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Although large numbers of resources may be available in an absolute sense, they are scarce relative to the wants and needs their use attempts to satisfy. People’s wants always continue to outrun the …
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Economic theory and policy As households, businesses and governments go about conducting their economic affairs, it is helpful to have an understanding of some basic economic cause-and-effect …
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In order to obtain a valid and predictable relationship between economic variables, theories are explored within the framework of a model (the setting within which an economic theory is presented). …
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Components of theoretical model
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Economic policy An economic policy sets a guide for a course of action. Usually an economic policy is created to address an economic problem or change an economic condition. A legislated tax decrease …
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Tools of the economist Words – is a verbal presentations, or descriptive statement Graphs – picture illustrating the relationship between two variables Mathematical equations
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EVOLUTION OF ECONOMICS The term economics is derived from two words of greek language, namely,oikos(household) and nemein(to manage), meaning hereby household management. It is used to be called as …
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Classical Economists:till The End Of The 18 Th And 19 Th Century(1776-1850), Several Economists Like David Ricardo, Malthus, J. B. Say Etc. Had Fully Supported The Thoughts Of Adam Smith. …
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in 1933, prof. Ragnar frisch, the famous economists of Oslo university, Norway,divide the study of economics into two parts:- micro economics(price theory) macro economics(theory of income and …
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DEFINITION OF ECONOMICS Economics is the study of those activities of human being which are concerned with satisfaction of unlimited wants by utilizing limited resources. In the words of Seligman, “ …
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MICROECONOMICS V/S MACROECONOMICS The term microeconomics is derived from the greek word “mikros”, meaning “small” and the term “macros” meaning “large or aggregate economy as a whole. ” Thus micro …
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MICRO ECONOMIC THEORY
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MACRO ECONOMIC THEORY ANALYSIS
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Modeling scarcity As we know, theories are explored within the context of a model that includes variables, assumptions, data and conclusions. Here we will develop a model to explore scarcity in an …
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The data for this model are provided in table 1, which lists some possible combinations of cell phones and garden tractors that could be produced in the economy given the assumptions made. Because …
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Interpreting the model The basic conclusion of the production possibilities model is a restatement of the scarcity problem. Even with the full employment, limited resources allow only limited …
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