Introduction to Economics with TLR TO ECONOMIZE…

“Consume what they desire and can afford”

COURSE DESCRIPTION
This is an introductory course to the study of PRODUCERS
Economics. It presents the economic foundation of our These use various resources in order to produce final
present order and employs economic concepts, goods and services.
principles, practices, applications and current issues on
economic, agrarian reform and taxation as tools for (There is continuation)
decision making. It encompasses the development of
basis economic theories, the Philippines economic
system, the theories on economic and product behavior
as well as the economics of market competition.

BASES OF THE STUDY OF ECONOMICS

More than ever, economics is relevant because it is part
of everybody’s life – the poor, the rich, the young and
the old. Nobody can ignore the important role it plays in
our everyday life. Man is an economic being; his life, his
material well-being depends on it.

ECONOMICS
It is a study of the proper allocation and efficient use of
scarce resources to produce commodities for the
maximum satisfaction of unlimited human needs and
wants.

NEEDS
These are essential for human survival like food,
clothing, and shelter.

THREE KINDS OF NEEDS

1. Basic needs
2. Essential needs for descent & comfortable living
3. Needs for luxury goods

WANTS
These are goods that give more satisfaction and make
life more pleasant and worth living. They refer to a
person’s desire and preference to specific ways of
satisfying a basic need.

TWO KINDS OF WANTS

1. Public wants
2. Private wants

ECONOMIZE
“How to get the most out of what we have”

CONSUMERS
These are the final users of the produced goods and
services for the satisfaction of their needs and wants.