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INTRO TO
ECON
By: AMBAS, Lina
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OUTLINE
 Introduction to Economics

- Definition
- Importance
- Methodology
 Fields of Economics
- Approaches
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OUTLINE
 Introduction to Economics

- Definition
- Importance
- Methodology
 Fields of Economics
- Approaches
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What is it?
 derived from the Greek words ‘Oikos’

(a house) and ‘Nemein’ (to manage),


which meant managing a household,
using the limited money or resources a
household has.
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What is it?
 came to being a subject with the

publication of very popular book in


1776 by Prof. Adam Smith, and was
called Political Economy.
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What is it?
 “…study of the ways in which people

use resources to satisfy their wants.”


(Van Sickle, J. V. and Rogge, B. A.,
1954).
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What is it?

acquire
more
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What is it?
 “…it is on one side, the study of

wealth, and on the other and more


important side, a part of the study of
man.” (Marsh, A., adapted 2019).
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What is it?

utilize
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What is it?
 “The aim of political economy is the

explanation of the general causes on


which the material welfare of human
beings depends.” (Cannan, adapted 2019).
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What is it?
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What is it?
 “…is the science which studies

human behavior as a relationship between


ends and scarce means which have
alternative uses.” (Robbins, L., 1932).
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In short…
ECONOMICS is a social science
concerned with the USE OF SCARCE
resources in an OPTIMUM MANNER and in
attainment of DESIRED LEVEL of income,
output, employment and economic growth.
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OUTLINE
 Introduction to Economics

- Definition

- Importance
- Methodology
 Fields of Economics
- Approaches
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Why study?
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Why study?
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OUTLINE
 Introduction to Economics

- Definition
- Importance

- Methodology
 Fields of Economics
- Approaches
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What methods?
1) Normative Economics
- also called policy economics;
- analyzes outcomes of economic
behavior , evaluates them as good or
bad, and may prescribe courses of
action (What ought to be?)
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What methods?
1) Normative Economics
EX: - Should people use money?
- The government ought to give
more pensions to retired people.
- Unemployment is a more serious
problem than inflation.
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What methods?
2) Positive Economics
- studies economic behavior without
making judgments;
- describes what exists and how it
works (What is?)
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What methods?
2) Positive Economics
EX: - Why do people use money?
- A tax on a good will raise its price.
- Business people will invest more
when interest rates are low.
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OUTLINE
 Introduction to Economics

- Definition
- Importance
- Methodology
 Fields of Economics

- Approaches
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How to classify?
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How to classify?
1) Microeconomics
- examines the functioning of individual
industries and the behavior of
individual decision-making units, that
is, business firms and households;
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How to classify?
1) Microeconomics
- considers individuals both as suppliers
(labor & capital), and as the ultimate
consumers (product); it analyses firms
both as suppliers (products) and as
consumers (labor & capital)
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How to classify?

…focuses on individual units or markets of the economy…


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How to classify?
2) Macroeconomics
- examines the economic behavior of
aggregates, such as income, output,
employment, and so on, on a national
scale;
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How to classify?
2) Macroeconomics
- can be used to analyze how best to
influence policy goals such as
economic growth, price stability, full
employment and the attainment of a
sustainable balance of payments
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How to classify?

…deals with the aggregates or totals of the economy…


What’s your takeaway?

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How do YOU
define
Economics?
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References
 Dutta, S. (2006), Introductory Economics (Micro and Macro), A Textbook for Class XII, New Age International (P)
Limited Publishers, ISBN (13) : 978-81-224-2247-4.
 Samuelson, P. A., and Nordhaus, W. D. (2010). Economics 19th Edition, The McGraw-Hill/Irwin, ISBN 978-0-07-
351129-0., MHID 0-07-351129-3.
 Van Sickle, J. V., and Rogge, B. A. (1954). Introduction to Economics, D. Van Nostrand Company, Inc., Library of
Congress Catalog Card No. 54-7538.
 https://saylordotorg.github.io/text_principles-of-microeconomics-v2.0/s04-02-the-field-of-economics.html
 http://www.economicsdiscussion.net/economics-2/economics-methods-types-and-models/12260
 https://www.youtube.com/watch?v=2YULdjmg3o0
 https://www.youtube.com/watch?v=gTAMRERJgVY
 https://www.youtube.com/watch?v=PZrWf1MacmA
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References
 https://dailypost.ng/2018/04/13/inflation-rate-records-biggest-drop-11-months/
 https://www.worldfinance.com/infrastructure-investment/unemployment-amid-economic-upturn
 https://www.vox.com/2014/10/22/18093054/global-warming-explained
 https://www.telegraph.co.uk/women/womens-life/11141910/36-household-chores-men-dont-bother-to-do.html
 https://www.canstockphoto.com/new-classical-macroeconomics-11731065.html
 https://smartprep.in/2017/01/indian-economy-practice-bits-in-telugu-micro-economics-pdf/
 http://www.mladiinfo.net/empowering-young-people-choose-career-matches-skills-values/
 https://mmaricordia.com/2948/student-life/opinion/my-first-time-voting/
 https://www.merriam-webster.com/words-at-play/our-favorite-terms-for-money-and-luxery
 https://positiverealestate.com.au/5-tips-building-wealth-property-investing/
 https://projectlifemastery.com/create-wealth-with-cryptocurrency/
 https://oll.libertyfund.org/people/benjamin-a-rogge
 http://www.btng.education/uploads/9/3/9/2/9392622/economics.pdf
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References
 https://www.google.com/search?rlz=1C1ASUM_enPH838PH838&biw=1440&bih=789&tbm=isch&sa=1&ei=WwXDX
OrrDJLqwQPrnprYAQ&q=what+is&oq=what+is&gs_l=img.3..0l10.717812.718488..718769...0.0..0.161.1103.0j7......0.
...1..gws-wiz-img.......0i67.--sl43jeLSQ
 https://en.wikipedia.org/wiki/Lionel_Robbins
 https://greenliving.lovetoknow.com/Seven_Biggest_Environmental_Threats
 https://gabilagan.wordpress.com/2016/07/03/scarce-resources-in-the-philippines/
 http://www.hetwebsite.net/het/profiles/cannan.htm
 https://www.now-health.com/en/community/expat-guides/singapore/
 https://ethicsunwrapped.utexas.edu/case-study/welfare-reform
 https://www.zerohedge.com/news/2019-01-11/build-welfare-wall-now
 https://focusyourthinking.com/why-do-you-have-a-scarcity-mindset/?v=7516fd43adaa
 https://www.biography.com/scholar/adam-smith
 http://www.btng.education/uploads/9/3/9/2/9392622/economics.pdf

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