Economics

ECONOMICS CHAPTER 1 INTRODUCTION TO ECONOMICS ____________________________________________________________ ________________________________ After champaigning this chapter, the students should be able to: ? estimate the subject matter of political economy ? contract how Economists extrapolate their theories ?Identify the nature of factors of production ? justify the legality of diminishing Returns ?Explain the relationship that exists in the midst of Scarcity, opportunity Cost and Choice ?Understand the basic Economic tables, graphs and models ?Explain the Economic systems, their merits and demerits ____________________________________________________________ ________________ 1.0 INTRODUCTION THE SUBJECT MATTER OF ECONOMICS Economics comes from the verb to drop, and this means qualification ends meet. Economics is a social intuition because it studies the stinting behaviours of commonwealth and economic phenomena. Economic air is basical ly a conscious effort of the people to derive uttermost gains from the use of exactly preferences and opportunities lendable to them. Economics is fundamentally, the mull over of how people allocate their limited resources to their alternative uses to produce and implement goods and go to satisfy their endless wants or to maximize their gain.

This is a study of how society makes decisions, regarding the allocation of scarce resources. The need for making choices arises imputable to the following basic facts of economic life. Human wants be limited Resources available to satisfy human wants are scarce People want to maximize their gains Economics ! as a subject is divided into ii parts; (a)Microeconomics, which deals with individual economic decision makers or agents, viz. households, firms etc. Households as resource owners supply factors of production to firms, and befool an income. In return households conduct goods and services produced by firms, and knock off their income. As mentioned supra microeconomics...If you want to get a wide-eyed essay, order it on our website: BestEssayCheap.com

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