ICT.pptx for everybody ict and other group

none

1. ECONOMICS AS A SOCIAL SCIENCE AND APPLIED SCIENCE IN TERMS OF NATURE AND SCOPE

2. THE NATURE AND SCOPES OF ECONOMICS: According to Molina, J.A. & Nadal, G.J I (2020), economics is a Social S cience concerned with the explanation and prediction of observed phenomena in the society. Economics studies the way in the societies solve the fundamental problems of reconciling the unlimited desires of individuals with scarcity of resources, susceptible to numerous alternative uses. Economics is also an Applied Science because it uses the scientific method in its explanations, which consists of observing reality and presenting questions and problems to arrive at the formulation of theories and models.

3. THE FIELDS OF ECONOMICS: MICROECONOMICS- focuses on the behavior of individual economic units and the functioning of markets. It’s perspective focuses on parts of the economy: individuals, firms and industries. MACROECONOMICS- studies the functioning of economic as an aggregate (production, employment).It’s perspective looks at the economy as a whole, focusing on goals like production, the standard of living, unemployment and inflation. Macroeconomics has two types of policies for pursuing these goals: monetary policy and fiscal policy.

4. THE ECONOMIC AGENTS/ STAKEHOLDERS: 1. CONSUMERS -Consume goods and services/ offer production factors -Maximize utility 2. PRODUCERS -produce goods/demand productive factors -maximize profit 3. THE PUBLIC SECTORS -attempt to maximize the well being of society

5. BASIC TERMS TO UNDERSTAND ECONOMICS: TANGIBLE GOODS - material goods or commodities INTANGIBLEGOODS - . when they are in the form of services. Those rendered by doctors , engineers, and other professionals.

6. GOODS MAY ALSO BE CLASSIFIED ACCORDING TO USE: 1. CONSUMER GOODS- goods for the ultimate consumption of the consumers . Ex. t oothpaste, bath soap, etc. 2. ESSENTIAL GOODS- used to satisfy the basic needs of man. Ex. Foods and medicine

7. 3 . ECONOMIC GOODS- goods which are useful and scarce; with value attached to them and a price has to be paid for their use. 4. CAPITAL GOODS- used in the production of other goods and services. Ex. Buildings, machinery, equipment. 5. LUXURY GOODS- goods man may do without, but may give comfort and satisfaction. Ex. Perfume, cakes, chocolates, expensive cars.

8. ECONOMIC RESOURCES OR FATORS: 1. LAND AS A FACTOR OF PRODUCTION LAND- natural resources available to create a supply such as raw materials that comes from the ground. It can be a nonrenewable resource; commodities such as oil and gold; and renewable resource, such as timber.

9. 2. LABOR AS A FACTOR OF PRODUCTION Labor is the work done by people- education, skills and motivation and productivity. Productivity measures how much each hour of worker time produces in output. Workforce receives wage for his labor.

10. 3. CAPITAL AS A FACTOR Capital or capital goods are the money that companies use to buy resources; manmade objects like machinery, equipment and chemicals that are used in production. 4. ENTREPRENEURSHIP AS A FACTOR Entrepreneurship develops an idea into a business. An entrepreneur combines the other three factors of production to add to supply. The most successful entrepreneurs are innovative and risk-takers. The income entrepreneurs earn is profits.

11. THANKYOU AND GOD BLESS!!!