Nature and Scope of Economics

May 8th, 2015
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What is Economics? Issue in economics ï‚¢ Macroeconomics ï‚¢ Microeconomics Lecture 1 (c) Copyright MFA 11 Nature and Scope of Economics ï‚¢ All About Economics

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Nature and Scope of EconomicsHND Business ManagementBusiness EconomicsNATURE & SCOPE OFECONOMICSWhat is Economics?Issue in economics Macroeconomics MicroeconomicsLecture 1 (c) Copyright MFA 11Nature and Scope of Economics All About EconomicsWant and Desires Scarcity Economic Problems Opportunity Cost Production Possibility Curve(PPC)Shift of The PPC.29/21/2011Lecture 1 (c) Copyright MFA 11WHAT IS ECONOMICS?3Issues in EconomicsDemandCompetitivenessMicroeconomicsSupplyMacroeconomicsEconomic Growth & DevelopmentUnemploymentInflationMoney Supply4MICROECONOMICSMicroeconomics:deals with the economic problems of the individual, the firm, and the industry5MACROECONOMICSMacroeconomics:deals with the aggregates of economics - total production, total employment, and general price level6NATURE AND SCOPE OF ECONOMICSEconomics is important to the(a) Individual (b) Businessman (c) Government7 Economicsdeals with how scarce resources are allocated to maximize the unlimited wants that we want to fulfill.9/21/2011Lecture 1 (c) Copyright MFA 11SUPPLYRESOURCESe.g. Time, Land, PeopleDEMANDWANTSe.g. Designer Jeans, MP3 Players, Motorbike, Banking 8 servicesWHAT IS ECONOMICS ALL ABOUT?Wants and desires:Humans wants are unlimited. Some

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