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Economics1TheEconomicProblemWeek1
EconomicPrinciplesandBasicTerminology;ConceptsofScarcityandChoice;EconomyTypes;OpportunityCost;FactorsofProduction;Typesofgoods:Public,Merit,LuxuryNormal;ProductionPossibilityFrontier;DemandCurve.Week1:Topics
TheEconomistsDictionaryofEconomicsdefineseconomicsas: Thestudyoftheproduction,distributionandconsumptionofwealthinhumansociety“?Economist?LionelRobbinssaidin1935that: Economicsisasocialsciencethatstudieshumanbehaviourasarelationshipbetweenneedsandwantsandscarcemeans,whichhavealternativeuses. Thatis,economicsisthestudyofthetrade-offsinvolvedwhenchoosingbetweenalternatesetsofdecisions.WhatisEconomics?
Itisoftensaidthatthecentralpurposeofeconomicactivityistheproductionofgoodsandservicestosatisfyconsumer’sneedsandwants,i.e.tomeetpeople’sneedforconsumptionbothasameansofsurvival,butalsotomeettheirever-growingdemandforanimprovedlifestyleorstandardofliving.The?basiceconomicproblem?isaboutscarcityandchoice?sincethereareonlyalimitedamountofresourcesavailabletoproducetheunlimitedamountofgoodsandserviceswedesire.WhatisEconomics?
Needs Humanneedsarematerialitemspeopleneedforsurvival,suchasfood,clothing,housingandware.Wants Humanwantsarethedrivingforcewhichstimulatesdemandforgoodsandservices.Inordertocurbtheeconomicproblem-organiseproductiontosatisfyasmanywantsaspossible.Choice Theeconomicproblemfundamentallyrevolvesaroundtheideaofchoice,whichultimatelymustanswertheproblem.Giventhatresourcesarelimited,businessesmustdeterminewhattoproducefirsttosatisfydemand.Consumersareconsideredthebiggestinfluencesofthischoice,andthegoodswhichtheywantmustalsofitwithintheirbudgetsand?purchasingpower.Needs,WantsChoice
Makingachoicenormallyinvolvesa?trade-off,choosingmoreofone
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