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    Economics

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    Ferdinand Fernando
    Economics provides a framework for understanding human behavior and decision-making. It originated from the Greek word meaning "household management" and later came to refer to state management. Adam Smith is considered the Father of Modern Economics for his influential book, An Inquiry into the Nature and Causes of the Wealth of Nations, which addressed capitalism. Economics is termed the Queen of the Social Sciences because it determines our ability to meet needs and wants. It uses a scientific approach to analyze economic issues and make choices within the constraints of scarce resources and opportunity costs.

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    Economics

    Uploaded by

    Ferdinand Fernando
    14 views1 page
    Economics provides a framework for understanding human behavior and decision-making. It originated from the Greek word meaning "household management" and later came to refer to state management. Adam Smith is considered the Father of Modern Economics for his influential book, An Inquiry into the Nature and Causes of the Wealth of Nations, which addressed capitalism. Economics is termed the Queen of the Social Sciences because it determines our ability to meet needs and wants. It uses a scientific approach to analyze economic issues and make choices within the constraints of scarce resources and opportunity costs.

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    Econ summary

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    Economics provides a framework for understanding human behavior and decision-making. It originated from the Greek word meaning "household management" and later came to refer to state management. Adam Smith is considered the Father of Modern Economics for his influential book, An Inquiry into the Nature and Causes of the Wealth of Nations, which addressed capitalism. Economics is termed the Queen of the Social Sciences because it determines our ability to meet needs and wants. It uses a scientific approach to analyze economic issues and make choices within the constraints of scarce resources and opportunity costs.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views1 page

    Economics

    Uploaded by

    Ferdinand Fernando
    Economics provides a framework for understanding human behavior and decision-making. It originated from the Greek word meaning "household management" and later came to refer to state management. Adam Smith is considered the Father of Modern Economics for his influential book, An Inquiry into the Nature and Causes of the Wealth of Nations, which addressed capitalism. Economics is termed the Queen of the Social Sciences because it determines our ability to meet needs and wants. It uses a scientific approach to analyze economic issues and make choices within the constraints of scarce resources and opportunity costs.

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    © All Rights Reserved
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    of 1

    ECONOMICS REVIEWER

    --- Chapter 1 --BASICS OF ECONOMICS

    Economics came from greek word oikonomia which means household


    management and its meaning later become state management.
    Adam Smith is the Father of Modern Economics and author of the book that
    tackles capitalism, An Inquiry into the Nature and Causes of the Wealth of
    the Nation.
    It is also termed as Queen of the Social Sciences because among the social
    sciences, it determines our ability to meet and satisfy our needs and wants.\

    DEFINITIONS OF ECONOMICS

    As a Science
    - It is a systematized body of language that follows a scientific
    approach in dealing with economic issues.
    As Social Science
    - It is about how society and individuals makes choices..
    - Social Science is the study of human behavior.
    - Opportunity cost measures things that must be given or
    sacrificed when one chooses one alternative over the other.
    Economics and Human Wants
    - Human wants are unlimited, insatiable and innumerable.
    - Economics helps us make decision on how to maximize the use of
    our resources to satisfy most of our wants.
    Concept of Scarcity
    - It limits our options to choose.
    - ECONOMIC RESOURCE SCARCE RESOURCE = NON-ZERO
    PRICE
    - Free good = found in unlimited supply

    IMPORTANCE OF ECONOMICS

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