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Introduction Toeconomics Baecodex 1st Term 2019 2020

The document provides an introduction to economic concepts including economic development, economics, scarcity, resources, opportunity cost, economic growth, distribution, demand, and supply. It defines these terms and discusses factors that influence economic growth and distribution theory. Questions are also posed about minimum wage, college costs, financial aid, and gender pay gaps.

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Airesheale Villancio
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92 views23 pages

Introduction Toeconomics Baecodex 1st Term 2019 2020

The document provides an introduction to economic concepts including economic development, economics, scarcity, resources, opportunity cost, economic growth, distribution, demand, and supply. It defines these terms and discusses factors that influence economic growth and distribution theory. Questions are also posed about minimum wage, college costs, financial aid, and gender pay gaps.

Uploaded by

Airesheale Villancio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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INTRODUCTION

Economic Development by:


Malcol Dowling
Chapter 1
economic development is a policy
intervention endeavor with aims of improving
the conomic and social well-being of
people, economic growth is a phenomenon of
market productivity and rise in GDP.
What is Economics?
■ Economics:
■ is the science which studies human
behavior as a relationship between given
ends and scarce means which have
alternative uses.”…
■ Economics is a social science that deals with
the production, distribution, and consumption
of goods and services.
Questions:

■ Will helped or hurt by a raised the minimum wage?


■ Why are college so high?
■ Should students receive greater financial aid?
■ Why do female workers only earn 81% as much as
male workers?
■ Why hunger persist in a world of plenty?
■ Why poverty exist in the midst of affluence?
What is Scarcity?

■ the state of being scarce or in short supply;


shortage.
■ "a time of scarcity"
Resources?
■ a stock or supply of money, materials, staff, and other
assets that can be drawn on by a person or organization
in order to function effectively.
■ "local authorities complained that they lacked resources“

■ resources include energy, entrepreneurship, information,


expertise, management, and time .
Economic resources:

■ Economic resources:
■ They are inputs that are used to create that
you to provide services and management or
human resources such as capital goods
financial resources and technology
Resources:

■ Land, Labor, factory buildings, timber, menirals,


and machinery.

■ Production Possibilities: show the maximum


twodifferent goods that can possibly be produced
during any particular during time period using
society’ scarce resources.
A simplifying assumptions about our
economy:
■ All available resources used fully.
■ All available resources used efficiently.
■ All quantity and quality of available resources are
not changing during our period of analysis.
■ Technology is not changing during our period of
analysis.
■ We can produced only two goods with our availa le
resources and technology.
Opportunity Cost:
■ opportunity cost”
■ of a resource, they mean the value of the next-highest-
valued alternative use of that resource.

■ example,
■ you spend time and money going to a movie, you cannot
spend that time at home reading a book, and you cannot
spend the money on something else.
Opportunity Cost (Benefits):

■ opportunity cost. A benefit, profit, or value of


something that must be given up to acquire or
achieve something else. Since every resource
(land, money, time, etc.) can be put to
alternative uses, every action, choice, or
decision has an associated opportunity cost.
Economic growth:
■ an increase in the amount of goods and services
produced per head of the population over a period
of time.

■ here are three main factors that drive economic growth:


Accumulation of capital stock. Increases in labor inputs,
such as workers or hours worked. Technological
advancement.
Economics and Distribution:

■ Distribution:
■ refers to the way total output, income, or wealth
is distributed among individuals or among the
factors of production (such as labor, land, and
capital).
■ In general theory and the national income and
product accounts, each unit of output corresponds
to a unit of income.
Distribution Theory:
■ Distribution theory, in economics, the systematic
attempt to account for the sharing of the national
income among the owners of the factors of
production—land, labour, and capital. Traditionally,
economists have studied how the costs of these
factors and the size of their return—rent, wages,
and profits—are fixed.
Demand:

■ Demand is an economic principle referring to a


consumer's desire to purchase goods and services and
willingness to pay a price for a specific good or service.

■ Holding all other factors constant, an increase in the


price of a good or service will decrease the quantity
demanded, and vice versa.
Supply:

■ Supply is a fundamental economic concept that


describes the total amount of a specific good or
service that is available to consumers. Supply can
relate to the amount available at a specific price or
the amount available across a range of prices if
displayed on a graph.
Supply and Demand:

■ the amount of a commodity, product, or


service available and the desire of buyers for
it, considered as factors regulating its price.

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