eco 162.

economics

• is a science that studies human behavior as a relationship between ends and scare means which have alternative uses.    -L. Robbins

• is a study of how people use their limietd resources to try to fulfill unlimited wants and involves alternative or choices.    -K. E. Case & R. C. Fair

• as a study of how scare resource are allocated among alternative uses.    -David N. Hyman

micro

• the study of individual parts of the economy

-public choices

-business choices

-personal choices

• is primarily concerned with the factors 

that affect 
-individual economic choices 

-of changes in these factors on the individual decisionmaker

how

-their choices are coordinated by markets

-prices and demand are determined in individual markets.

macro

• the study of the economic system as a whole 

-national income

-trade cycle

-unemployment rate

-inflation

-general price levels




basic economic concept
1. scarcity
2. choices
3. opportunity cost

scarcity

• can be explained as wants are always exceeding limited resources to satisfy them.
• the needs or wants are unlimited but the world has only limited amount of resources of factors of production

choices

• when there is scarcity, choices have to be made
• individual, firms and government make decisions to choose from many alternative

opp. cost

• the cost of one choice in terms of the best forgone alternative
• second best alternative that has to be forgone for another choice which gives more satisfaction

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im done!!

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tadi time buat binatang ni

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