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This document provides definitions and explanations of key economic concepts from several perspectives. It introduces economics, discussing Adam Smith's wealth definition and other views. It outlines the subject matter of economics and important economists like John Maynard Keynes. It also summarizes microeconomics and macroeconomics, production possibility curves, economic systems, and other fundamental economic topics.
This document provides definitions and explanations of key economic concepts from several perspectives. It introduces economics, discussing Adam Smith's wealth definition and other views. It outlines the subject matter of economics and important economists like John Maynard Keynes. It also summarizes microeconomics and macroeconomics, production possibility curves, economic systems, and other fundamental economic topics.
This document provides definitions and explanations of key economic concepts from several perspectives. It introduces economics, discussing Adam Smith's wealth definition and other views. It outlines the subject matter of economics and important economists like John Maynard Keynes. It also summarizes microeconomics and macroeconomics, production possibility curves, economic systems, and other fundamental economic topics.
BQS 1013 : INTRODUCTION TO ECONOMICS Definitions of Economics
Adam Smith !ea"th definition# $Economics is the Science
that st%dies &'od%ction ( cons%m&tion of )ea"th# *+is famo%s ,oo-. $An In/%i'0 into the Nat%'e and Ca%ses of the !ea"th of Nations* )as &%,"ished in 1112#
those economic acti3ities of a socia" man )hich a'e conce'ned )ith attainment and %se of mate'ia" 'e/%isites of )e""4,ein5#
6ione" Ro,,ins Sca'cit0 definition#
7a%" #A# Sam%e"son 8'o)th o'iented definition#
$It ana"0ses the costs and ,enefits of im&'o3in5 &atte'ns of 'eso%'ce a""ocation#*
SUB9ECT MATTER O: ECONOMICS
Economics if conce'ned )ith the ana"0sis of
cons%m&tion. &'od%ction. e;chan5e and dist'i,%tion of )ea"th &"%s the a""ocation of sca'ce 'eso%'ces amon5 com&etin5 %ses#
!ith the &%,"ication of 6o'd <e0nes. =8ene'a"
Theo'0 of Em&"o0ment. Inte'est and Mone0>. afte' the 5'eat de&'ession of the 1?30. the s%,@ect matte' of Economics )idened# 6ORD 9O+N MAANARD <EANES
Conside'ed as fathe' of Mac'o4Economics. <e0nes
defined economics as =the st%d0 of facto's affectin5 em&"o0ment and standa'd of "i3in5#>
+e a&&'oached the economic &'o,"em of choice f'om
the &oint of 3ie) of societ0 instead of 3ie)in5 it f'om the an5"e of the indi3id%a" as done ,0 Ro,,ins and Ma'sha""# MAIN :OCUS O: ECONOMICS
!hat 5oods and se'3ices need to ,e &'od%ced and
in )hat /%antitiesB
!hat methods of &'od%ction a'e %sed to &'od%ce
these 5oodsB
+o) is the tota" o%t&%t of 5oods and se'3ices to ,e
a""ocated amon5 the mem,e's of societ0B
A'e the 'eso%'ces ,ein5 %ti"iCed o&tima""0B
!hat a'e the &'o,"ems faced in Inte'nationa"
T'adeB
To )hat e;tent sho%"d the 5o3e'nment inte'3ene in
the )o'-in5 of the ma'-et fo'cesB BASIC CONCE7TS
Economic and non4economic acti3ities#
Econom0 its fo%' secto's#
8D7. 8N7. Nationa" Income#
Mic'o and Mac'o Economics#
Economic &'o,"em !h0 does it a'iseB
Cent'a" Do' ,asicE &'o,"em of an econom0#
!hat to &'od%ceB +o) to &'od%ceB :o' )hom to
&'od%ceB MICRO ECONOMICS ( MACRO ECONOMICS
7'of# Ra5na' :'isch of the Os"o Uni3e'sit0 de3e"o&ed
the te'm mic'o ( mac'o economics in 1?33# The )o'd $mic'o* is de'i3ed f'om the 8'ee- )o'd. $Mi-'os* meanin5 $sma""* ( $ma-'o* meanin5 "a'5e#
Economic theo'0 is an inte5'ation of mic'o ( mac'o
economics# The0 a'e the t)o a&&'oaches to st%d0 the economic &'o,"em of choice# MA9OR AREAS O: STUDA UNDER MICRO ECONOMICS
+o) a'e 'eso%'ces to ,e a""ocated the &'od%ction f
5oods ( se'3icesB
+o) a'e 5oods ( se'3ices dist'i,%tedB
+o) efficient"0 a'e the 5oods ( se'3ices
dist'i,%tedB
Anothe' a'ea )hich mic'o4economics st%dies is
inte'nationa" t'ade# it &'o3ides a f'ame)o'- to %nde'stand the need fo' inte'nationa" t'ade. 'easons f'o t'ade. 5ains f'om int# t'ade ( dete'mination of the te'ms of t'ade# IM7ORTANCE O: MICRO4 ECONOMICS
7'o3ides a ,ette' %nde'standin5 of the )o'-in5 of
decision4ma-in5 %nits in the econom0#
7'o3ides too"s fo' e;aminin5 the a&&'o&'iateness
of economic &o"icies#
+e"&s to e;amine ( s%55est conditions fo' )e"fa'e
o&timiCations#
+e"&f%" in efficient a""ocation of sca'ce 'eso%'ces#
+e"&f%" in %nde'standin5 inte'nationa" t'ade#
7'o3ides a ,asis fo' ma-in5 conditiona"
&'edictions#
+e"&f%" in fo'm%"ation of Mode"s ( %sin5 them#
ECONOMIC 7ROB6EMS
7'o,"em of A""ocation of Reso%'ces#
7'o,"em of :%"" and Efficient %ti"iCation of
Reso%'ces#
7'o,"em of Economic 8'o)th#
The conce&t of O&&o't%nit0 cost#
6eft)itch sa0s. =O&&o't%nit0 cost of a &a'tic%"a' &'od%ct is the 3a"%e of the fo'e5one a"te'nati3e &'od%ct that 'eso%'ces %sed in its &'od%ction co%"d ha3e &'od%ced#> 7RODUCTION 7OSSIBI6ITA CURFE
77C is a c%'3e )hich sho)s a"" &ossi,"e
com,inations of an0 t)o 5oods &'od%ced sim%"taneo%s"0 ,0 an econom0 d%'in5 a s&ecific &e'iod )ith 5i3en 'eso%'ces and techno"o50#
Ass%m&tions iE The amo%nt of &'od%cti3e
'eso%'ces is fi;ed. iiE The'e is no chan5e in techno"o50. iiiE A"" the &'od%cti3e 'eso%'ces a'e f%""0 em&"o0ed and i3E A"" 'eso%'ces a'e not e/%a""0 efficient in the &'od%ction of a"" 5oods# C+ARACTERISTICS O: 77C
It s"o&es do)n)a'ds to 'i5ht#
It is conca3e to the &oint of o'i5in#
Th'ee sit%ations of 77C %nde'4%ti"iCation. fai' o'
o&tim%m %ti"iCation and f%""4%ti"iCation of 'eso%'ces 5'o)th o' de3e"o&ment4economics#
The conca3it0 of the c%'3e 'ef"ects the o&e'ation of
the "a) of inc'easin5 ma'5ina" o&&o't%nit0 cost#
It is a"so -no)n as t'ansfo'mation c%'3e as
mo3ement a"on5 it indicates t'ansfo'mation of one commodit0 into the othe' ,0 di3e'tin5 'eso%'ces# 7RODUCTION 7OSSIBI6ITA CURFE ECONOMIC SASTEMS
An economic s0stems is the socia" o'5anism
th'o%5h )hich &eo&"e )o'- and ea'n thei' "i3in5 to satisf0 thei' )ants#
t'aces the 'e"ationshi& ,et)een ca%se and effect#>
:eat%'es of Science S0stematiCed St%d0. Ca%se and
effect 'e"ationshi&. Uni3e'sa" 6a)s. E;&e'iments. Sca"e of Meas%'ement# Cons%me'*s E/%i"i,'i%m
It 'efe's to a sit%ation )he'ein the cons%me' 5ets
ma;im%m satisfaction o%t of his sca'ce 'eso%'ces. i#e# month"0 income#
Ass%m&tions Cons%me' is 'ationa". %ti"it0 can ,e
meas%'ed ca'dina""0. ma'5ina" %ti"it0 of mone0 'emains constant. Income of the cons%me' and the &'ice of the commodit0 'emains fi;ed. 8oods a'e neithe' com&"ementa'0 no' s%,stit%tes fo' one anothe'. TasteI &'efe'ence does not chan5e# 7'od%ce'*s E/%i"i,'i%m
E/%i"i,'i%m indicates a sit%ation o' a &oint of 'est#
It th%s. 'efe's to a sta5e of no chan5e# It si5nifies a sit%ation in )hich the'e is com&"ete ad@%stment of the 3a'io%s fo'ces o&e'atin5 the'e# The'e is no ind%cement o' %'5e to chan5e# It is an idea" state#
A 7'od%ce' o' fi'm is said to ,e in e/%i"i,'i%m
)hen he is &'od%cin5 desi'ed /%antit0 of o%t&%t )ith the "east &ossi,"e cost o' )ith the 5i3en 'eso%'ces. he is &'od%cin5 ma;im%m &ossi,"e o%t&%t#
7'od%ce'*s e/%i"i,'i%m is the &oint at )hich a
&'od%ce' 5ets ma;im%m &'ofita,i"it0#
!hat is economicsB
!h0 does the const'%ction ind%st'0 dese'3e to ha3e