applied economics

• Economics - social science, and use of scarce resource
• Economic Resources - unlimited wants, but limited resources
• Natural Resources - came from nature
• Capital Resources - materials, equipment and used of production
• Human Resources - involved in production
• Needs - essential of life
• Wants - desire
• Scarcity - reason why people practice economic
• Economics - use of scarce resource
• Alfred Marshall - study of mankind
• Land - soil and natural resources
• Labour - physical & human effort
• Capital - man-made resources
• Two Branch of economics

  • Macroeconomics
  • Microeconomics
• Microeconomics - studies decision and choices of individual
• Price Theory - process of setting price
• Traditional Economy - decision based on tradition
• Common Economy - authorative system
• Market Economy - democratic form
• Economic Greek word

  • Oikos - household
  • Nomos - management
• Economics - wise production and use of wealth
• Fajardo - economics; proper use of allocation
• Nordhaus- economic is science of choice
• Sicat - economics is scientific study
• Webster - economic is branch of knowledge
• Paul Samuelson - economic study of people and society end up
• Hall and Lieberman - study of choice under condition of scarcity
• Bernando Villegas - human and non human resources
• Economics in a process

  • Unlimited wants
  • Scarcity
  • Make choices
• Macroeconomics - economic behavior in whole economy
• Microeconomics - economic in individual
• Resources - labor, land, capital, natural resources
• Unlimited - Without limit, infinite
• Production - producing or creating goods
• Goods- something you can see or feel
• Service - something done for someone else
• Producer - person of business provides good
• Consumer - who buy
• Distribution - marketing of goods or service
• Exchange - transforming goods and service