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Social Sciences Department
Ateneo de Zamboanga University
The
science that deals with the actions of
individuals and societies directed toward
meeting certain ends in a world where
the means necessary to meet those ends
have alternative uses (Roger A
...
The wise production and use of wealth to
meet demand or needs of individuals or
groups of people (Sonia M
...
The
study of how people and society end up
choosing, with or without the use of money,
to employ scarce productive resources that
could have alternative uses, to produce
various commodities and distribute them
for consumption, now or in the future,
among various persons and groups in
society
...
A
classical body of knowledge
concerning human relationships
clustered about man’s efforts to earn a
living (Clifford L
...
Concerns situations in which choices
must be made about how to use limited
resources, when to use them and for what
purposes (Roger Le Roy Miller,
Economics, Today and Tomorrow)
...
Reynolds,
Economics an Introduction)
...
Hailstones, Basic Economics)
...
Sicat, Economics, defines the
term as: “a scientific study which deals
with how individuals and society
generally make choice”
...
,
Guide to Economics for Filipinos)
...
• Resources such as time, land, labor, and the like,
are in limited supply
...
A second fundamental
idea of economics is that scarcity forces people
to make choices between alternative uses for
their resources
...
Opportunity
Cost
• A third basic concept is that choice implies
opportunity cost
...
1
...
Making choices now and in the future or
over a certain period of time over limited or
scarce productive resources regarding
what goods to produce, how much of
each of the goods to produce, for whom
the goods are to be produced and which
among the goods are to be consumed
...
However, with the growth of the Greek
Society until its development into – city
states, the said Greek word became
known as “state management”
...
It was Adam Smith who was responsible
for the recognition of economics as a
separate body of knowledge
...
Its
immediate objective was to overthrow
mercantilist philosophy which held sway not
only in France but also in England
...
Contributions: Economic policies such as:
1)
...
Privatization,
and 3)
...
Economic concepts
like: 1)
...
Free market, and 3)
...