Introduction to Economics and it's basic concepts.pptx

This document defines Economics and explain the concept of Wants, Scarcity, Scale of Preference, Choice and Opportunity Cost. It also looks at the branches of Economics.

1. Introduction to ECONOMICS

2. A social science that studies human behaviour as a relationship between ends and scarce means , which have alternative uses .

3. ECONOMICS Basic Concepts

4. Wants Man’s desire for goods and services that give satisfaction.

5. Scarcity Limited supply of resources to satisfy man’s unlimited wants.

6. Scale of Preference Arrangement of wants and needs in order or importance from the most important one to the least important.

7. Choice Selection of an option out of many available options.

8. The value of the next best alternative forgone. Joe chose to buy a textbook instead of a shirt that costs the same amount.

9. Focuses on customers, firms and markets. Focuses on aggregate economy.