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For Review - Week 1

Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. As an applied science, economics involves applying economic theories and models to real-life situations. Some basic economic concepts include scarcity, which refers to limited resources and unlimited wants, needs which are requirements for survival, and wants which are desires. Opportunity cost is the benefit given up by choosing one action over another. As a social science, economics deals with human behavior related to aspects like scarcity and choice.

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Fritz Generalao
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15 views

For Review - Week 1

Economics is the study of how individuals and societies make decisions about using scarce resources to fulfill wants and needs. As an applied science, economics involves applying economic theories and models to real-life situations. Some basic economic concepts include scarcity, which refers to limited resources and unlimited wants, needs which are requirements for survival, and wants which are desires. Opportunity cost is the benefit given up by choosing one action over another. As a social science, economics deals with human behavior related to aspects like scarcity and choice.

Uploaded by

Fritz Generalao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ABM Department

Economics

Prepared by

Fritzie G. Generalao
Learning Objective

• Differentiate economics
as social science and
applied science in terms
of nature and scope
THE STUDY OF ECONOMICS
Economics

The study of how individuals and societies make


decisions about ways to use scarce resources to
fulfill wants and needs.
ECONOMIC AS AN APPLIED SCIENCE
Applied Economics

The application of economic


theories and models in real
life.
BASIC ECONOMIC CONCEPTS
Scarcity
Refer to the basic economic
problem , the gap between
limited – that is, scarce –
resources and theoretically
limitless wants.
Needs
Is something required for a
safe, stable and healthy life
(e.g. air, water, food, land,
shelter)
Wants
Is a desire, wish or
aspiration
Opportunity Cost
Defined as the benefit you give up because you
choose to take one action in favor of another
ECONOMIC AS SOCIAL SCIENCE
Economics
Is a social science because
it deals with one aspect of
human behavior,
References
• Sherry Amour Boado (2017)” Applied Economics “The study of economics”, pp. 3-4
• https://www.pngitem.com/middle/hmTxmRh_cupids-bow-angel-clip-art-cupid-love-bow/
• https://www.ckundan.com.np/2019/01/applied-economics-syllabus.html
• https://www.vectorstock.com/royalty-free-vector/charity-symbol-of-water-scarcity-for-people-
vector-13280586
• https://www.facebook.com/canatx/photos/all-our-basic-needs-should-be-meet-no-one-should-
have-to-live-in-poverty-is-trav/1662414880448182/
• https://www.thrillist.com/eat/nation/best-jollibee-menu-items

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