BASIC LESSONS IN ECONOMICS Economics is a field of study that has come into being because there is scarcity of resources to be solved by mankind. Had everything that man needed been abundant‚ there should have been no more need for Economics. It is because there is scarcity of resources‚ therefore‚ that Economics has been born to provide measures on how scarce but productive resources should be harnessed for the benefit of mankind. Economics is a social science that deals with the study
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First of all‚ before I will discuss this article‚ I will define first what is Economics and its kinds. Economics is the study of how the forces of supply and demand allocate scarce resources. Subdivided into microeconomics‚ which examines the behavior of firms‚ consumers and the role of government; and macroeconomics‚ which looks at inflation‚ unemployment‚ industrial production‚ and the role of government. In this news paper article‚ it talks about the condition of the consumer with the inflation
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. THE ECONOMIC PROBLEM AND ECONOMIC SYSTEMS The economic activity of a society consists of activities related to the production and consumption of goods and services. Since earliest times‚ the primary function of organized society has been economic in nature. The other elements of civilized society -- architecture‚ literature‚ music‚ etc. -- emerge only after the material needs of the society have been amply provided for. Poor societies do not build great pyramids‚ erect magnificent cathedrals‚ or
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4 INDIVIDUAL AND MARKET DEMAND EXERCISES 1. An individual sets aside a certain amount of his income per month to spend on his two hobbies‚ collecting wine and collecting books. Given the information below‚ illustrate both the price-consumption curve associated with changes in the price of wine and the demand curve for wine. |Price |Price |Quantity |Quantity |Budget | |Wine |Book |Wine |Book |
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Key terms: Definition: Opportunity cost The cost of missing out on the next best alternative. Economic goods Goods that are scarce and therefore have an opportunity cost. Free goods Goods that have no opportunity cost‚ e.g. Air Factor market The market for the factors of production that make other goods and services such as labour or raw materials. Free market economy One in which there is very limited government involvement in providing goods and services. Division of labour
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ECO 405 Week 8‚ Chapter 11: Economic Growth |Slide # |Topic |Narration | |1 |Intro |Welcome to Economic Problems and Issues. In this lesson‚ we will discuss Economic Growth. | | | |Please go to the next slide. | |2 |Objectives |Upon completion
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By:Samailagi Poteki Production and Consumption in the Raw Substitution is present in our everyday lives‚ and maybe much more than we once thought. Marx’s idea of commodity fetishism is loosely defined by substitutions‚ stand-ins‚ and clones of real objects and real labor. These commodities tape off and block out the public form the truth. In this essay I will peel back the label on some of these products and companies that have sold us lies time and time again. We are the martyr to the capitalist
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Five economic problems and five social problems of the philippines? social: 1. lack of individualism. don’t need to abandon social structures totally. 2. colonial mentality. royalty‚ status symbols‚ subservience 3. western influence. don’ love their own 4. parinig system 5. authoritarian economic: 1. leaders are mostly landowners who don’t know how to make a profit 2. consumers are lured by too many commercial establishments like KFC‚ McDo‚ Jollibee‚ Levis‚ etc. even those who cannot really
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Why did mechanization revolutionize patterns of both production and consumption? Human Labor had been the prior and only source of production of goods till mechanization was achieved. Mechanization has been defined as the process of replacing manual labor (in the form of human/animal labor) by the use of machines (also known as automation) which may or may not depend on a human operator on a wider scale. Technology had just reached breakthrough heights when scientists and inventors established
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Environmental Economics : Some Basic Concepts 1. Welfare economics Welfare economics is a branch of economics that uses microeconomic techniques to evaluate economic well-being‚ especially relative to competitive general equilibrium within an economy as to economic efficiency and the resulting income distribution. associated with it. It analyzes social welfare‚ however measured‚ in terms of economic activities of the individuals that comprise the theoretical society considered. As such
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