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Knowledge Evaluation
Subject: SO.33101
Name.M6/..
.
1. Have you ever learnt about these following items? Please check and answer.
Economics
Introduction of Economics

No
Yes, what do you know about it?
Economics is a study of choice made by people who are faced with scarcity. The scarcity
problem, requires answers to basic questions, such as; what to produce it, how to produce
it and who gets what is produced .
Scope of Economics
By Content/Problem Analysis

No
Yes, what do you know about it?
By Content
Descriptive Economics or Positive Economics describing what is contains knowledge
about past or present production but does not much help for modifying it to correspond
better to latest requirement. Academic or historical studies are often of this type. They
are sometimes categorized in two types: extensive studies of a large number of cases, and
intensive studies of one or a few cases.
By Problem Analysis
Normative Economics advocating what ought to be contain generally applicable
knowledge and tools that can be used in the management of production, especially for
optimizing existing production and planning new production. Research for creating
normative theory is usually extensive because it needs a large number of cases for its
material.
Or between economics theory and applied economics.

Economic System

No
Yes, what do you know about it?
1. Capitalism Economics
2. Socialism Economics
3. Mixed Economics
Economic Units

No
Yes, what do you know about it?
1. Firm; the firm makes production decisions. These include what goods to produce, how
these goods are to be produced and what prices to charge. It employs the various factors
in production, and it sells the finished goods to the household for consumption.
2. Household; the household is responsible for making consumption decisions and owns
factors of production. It provides the firm with factor services in production, and buys
the finished goods from the firm for consumption.
3. Government
4. Financial
5. Overseas
Factor of Production

No
Yes, what do you know about it?
1. Land
2. Labor
3. Capital
4. Entrepreneur

Market

No

Yes, what do you know about it?

Nominal place where forces of demand and supply operate, and where buyers and sellers
interact (directly or through intermediaries) to trade goods, services, or contracts or
instruments, for money or barter.
Markets include mechanisms or means for (1) determining price of the traded item, (2)
communicating the price information, (3) facilitating deals and transactions, and (4)
effecting distribution.
Law of Demand

No
Yes, what do you know about it?
Demand refers to how much (quantity) of a product or service is desired by buyers. The
quantity demanded is the amount of a product people are willing to buy at a certain price;
the relationship between price and quantity demanded is known as the demand
relationship.
Law of Supply

No
Yes, what do you know about it?
Supply represents how much the market can offer. The quantity supplied refers to the
amount of a certain goods producers are willing to supply when receiving a certain price.
The correlation between price and how much of a good or service is supplied to the
market is known as the supply relationship.
Price, therefore, is a reflection of supply and demand.
Economic situations of Thailand

No
Yes, what do you know about it?
Student Activity:
Searching for an article of Thailand Economic Situations in present and give your opinion
about it.