Economics

ECONOMICS CHAPTER 1 INTRODUCTION TO ECONOMICS ____________________________________________________________ ________________________________ After champaigning this chapter, the students should be able to: ? estimate the subject matter of political economy ? rationalise how Economists get ahead their theories ?Identify the nature of factors of production ? develop the rightfulness of diminishing Returns ?Explain the relationship that exists in the midst of Scarcity, prospect Cost and Choice ?Understand the basic Economic tables, graphs and models ?Explain the Economic systems, their merits and demerits ____________________________________________________________ ________________ 1.0 INTRODUCTION THE SUBJECT MATTER OF ECONOMICS Economics comes from the verb to drop, and this means qualification ends meet. Economics is a tender intuition because it studies the stinting behaviours of commonwealth and economic phenomena. Economic look is basi cally a conscious effort of the people to derive uttermost gains from the use of tight preferences and opportunities lendable to them. Economics is fundamentally, the postulate of how people allocate their limited resources to their alternative uses to produce and kill goods and go to satisfy their endless wants or to maximize their gain.

This is a study of how society makes decisions, regarding the allocation of scarce resources. The need for making choices arises imputable to the following basic facts of economic life. Human wants atomic number 18 limited Resources available to satisfy human wants are scarce People want to maxim ize their gains Economics as a subject i! s divided into ii parts; (a)Microeconomics, which deals with individual economic decision makers or agents, viz. households, firms etc. Households as resource owners supply factors of production to firms, and befool an income. In return households withdraw goods and services produced by firms, and knock off their income. As mentioned in a higher place microeconomics...If you want to get a wide-eyed essay, order it on our website: BestEssayCheap.com

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