introduction to economics

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презентация powerpoint introduction to economics phd in economics, associate professor khulkar karimova the word economy comes from the greek phrase ―one who manages a household‖. the science of economics in its current form is about two hundred years old. adam smith – generally known as the father of economics – brought out his famous book, ―an inquiry into the nature and causes of wealth of nations‖, in the year 1776. though many other writers expressed important economic ideas before adam smith, economics as a distinct subject started with his book. there is no universally accepted definition of economics (its definition is controversial). this is because different economists defined economics from different perspectives: a. wealth definition, b. welfare definition, c. scarcity definition, and d. growth definition economics economics is a social science which studies about efficient allocation of scarce resources so as to attain the maximum fulfillment of unlimited human needs. …

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beings make choices to use scarce resources as they seek to satisfy their unlimited wants. therefore, choice is at the heart of all decision-making. scope of economics the core of modern economics is formed by its two major branches: microeconomics and macroeconomics. that means economics can be analyzed at micro and macro level. microeconomics is concerned with the economic behavior of individual decision making units such as households, firms, markets and industries. in other words, it deals with how households and firms make decisions and how they interact in specific markets. macroeconomics is a branch of economics that deals with the effects and consequences of the aggregate behaviour of all decision making units in a certain economy. in other words, it is an aggregative economics that examines the interrelations among various aggregates, their determination and the causes of fluctuations in them. it looks at the economy as a whole and …

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lementary to each other. that is, macroeconomics cannot be studied in isolation from microeconomics. economics can be analyzed from two perspectives: positive economics and normative economics positive economics: it is concerned with analysis of facts and attempts to describe the world as it is. it tries to answer the questions what was; what is; or what will be? it does not judge a system as good or bad, better or worse. example: the current inflation rate in ethiopia is 12 percent. poverty and unemployment are the biggest problems in ethiopia. the life expectancy at birth in ethiopia is rising. all the above statements are known as positive statements. these statements are all concerned with real facts and information. any disagreement on positive statements can be checked by looking in to facts. normative economics: it deals with the questions like, what ought to be? or what the economy should be? it …

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ellectual, skilled and specialized labor; most natural resources like land (especially, fertile land), minerals, clean water, forests and wild - animals; all types of capital resources ( like machines, intermediate goods, infrastructure ); and all types of entrepreneurial resources. scarce economic resources factors of production (fop): the resources used to create goods and services land: any natural resource provided by nature. labor: the mental and physical capacity of workers to produce goods and services. capital: any physical man-made good used to produce other goods. entrepreneurship: vision, skills, and risk-taking needed to create and run a business. economic resources are usually classified into four categories labour: refers to the physical as well as mental efforts of human beings in the production and distribution of goods and services. the reward for labour is called wage. land: refers to the natural resources or all the free gifts of nature usable in the production …

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ount of resources no ‘ideal’ point on the curve any point inside the curve – suggests resources are not being utilised efficiently any point outside the curve – not attainable with the current level of resources useful to demonstrate economic growth and opportunity cost 21 this slide introduces the key features about ppfs. the activity that accompanies this presentation seeks to apply ppfs in a slightly different way – focussing on using health resources. going through the theory at this stage and then following it up with the activity will be useful in developing early understanding of the issues. production possibility frontiers show the different combinations of goods and services that can be produced with a given amount of resources no ‘ideal’ point on the curve any point inside the curve – suggests resources are not being utilised efficiently any point outside the curve – not attainable with the current …

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презентация powerpoint introduction to economics phd in economics, associate professor khulkar karimova the word economy comes from the greek phrase ―one who manages a household‖. the science of economics in its current form is about two hundred years old. adam smith – generally known as the father of economics – brought out his famous book, ―an inquiry into the nature and causes of wealth of nations‖, in the year 1776. though many other writers expressed important economic ideas before adam smith, economics as a distinct subject started with his book. there is no universally accepted definition of economics (its definition is controversial). this is because different economists defined economics from different perspectives: a. wealth definition, b. welfare definition, c. scarcity …

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