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economics

Economics is a social science that focuses on the production, distribution, and consumption of goods and services, and analyzes the choices that individuals, businesses, governments, and nations make to allocate resources.

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economics

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  1. RMM Technologies (p) Limited ECONOMICS

  2. Economics Economics is the study of scarcity and how it affects the use of resources, the production of goods and services, the growth of production and well-being over time, and many other important and complicated issues that affect society.

  3. DEFINITION “Economics isthe science of wealth” This definition was given by Adam Smith. He is also known as the 'father of economics. According to this definition, economics is a science of the study of wealth only. It deals with production, distribution, and consumption.

  4. ECONOMICS SYSTEM 1 Capitalism 2 Communism 3 Socialism 4 Traditional economy

  5. ELEMENTS OF ECONOMICS Goods Services

  6. POSITIVE ECONOMICS • is an economic analysis that considers economic conditions "as they are" or economics "as it is". • Uses objective or scientific explanations in analyzing the different transactions in the economy. • It simply answers the question "what it is. Example of positive statements: • The economy is now experiencing a slowdown because of too much politicking and corruption in the government.

  7. NORMATIVE ECONOMICS • economic analysis which judges economic conditions "as it should be'. Concerned with human welfare. • Deals with ethics, personal value judgments and obligations analyzing economic phenomena. • It answers the question 'what should be'. • referred to as policy economics because it deals with the formulation of policies to regulate economic activities. • Examples of normative statements: The Philippine government should initiate political reforms in order to regain investor confidence, and consequently

  8. ECONOMICS TYPES MICRO MACRO • Branch of economics which deals with the individual decisions of units of the economy- firms, households, and how their choices determine relative prices of goods and factors of production. The market is its central concept. It focuses in two main players- the buyer and the seller, and their interaction with one another. • It is a branch of economics that study the relationship among the broad economic aggregates like national income, national output, money supply, bank deposits, total volume of savings, investment, consumption, expenditure, general price level of commodities, government spending, inflation, recession, employment, and money supply (Kapur 1997). • Microeconomics discussed the theories of demand and supply, individual decision making, theories of production, output, and cost of firm's profit maximization objective, different types of business organizations and kinds of market structure. • Macro implies that it seeks to understand the behavior of the economy as whole.

  9. IMPORTANCE OF ECONOMICS

  10. “A nation is not made wealthy by the childish accumulation of shiny metals, but it is enriched by the economic prosperity of its people.” Adam smith

  11. Feel free to get in touch. info@rmmindia.com www.rmmindia.com Monday-Saturday, 9AM-6 PM

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