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What is Economics?
ECONOMICS …
is the study of how society decides:
- ¨ What
- ¨ For whom
- ¨ How to produce…
Example: The price of oil
An increase in the price of oil affects
¨ What to produce
¨ less oil-intensive products
¨ How to produce
¨ less oil-intensive techniques
¨ For whom to produce
¨ oil producers have more buying power, importers have less
Scarcity forces choices to be made
Opportunity cost
¨ a crucial concept in economic analysis
¨ the quantity of other goods that must be sacrificed to obtain another unit of a good
The operation of markets
¨ Market
¨ a shorthand expression for the process by which
¨ households’ decisions about consumption of alternative goods
¨ firms’ decisions about what and how to produce
¨ and workers’ decisions about how much and for whom to work
¨ are all reconciled by adjustment of prices
Resource allocation
¨ Resource allocation is crucial for a society
¨ and is handled in different ways in different societies, e.g.:
¨ Command economy
¨ Mixed economy
¨ Free market
Normative and Positive Economics
Positive economics deals with objective explanation
¨ e.g. if a tax is imposed on a good its price will tend to rise
Normative economics offers prescriptions based on value judgements
¨ e.g. a tax SHOULD be imposed on tobacco to discourage smoking
Micro and Macro
Microeconomics
¨ offers a detailed treatment of individual economic decisions about particular commodities
Macroeconomics
¨ emphasizes the interactions in the economy as a whole
In your own words, what did we see to home prices starting in 1995?
please someone should help me with Socrates Plato’s and Aristotle views in wealth creation of a nation
Can u demonstrate the different economic issues?
Hi, can you please help me understand the unintended effects of markets?
National income minus business taxes equals to?