100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary Introduction to economics $2.84   Add to cart

Summary

Summary Introduction to economics

 18 views  0 purchase
  • Course
  • Institution
  • Book

We introduce you to economics. We introduce you to important concepts of scarcity, choice and opportunity cost. We explain these concepts with the aid of a production possibilities curve. Next we use production possibilities curves to illustrate different situations. We explain why economics is a s...

[Show more]

Preview 2 out of 10  pages

  • No
  • Chapter 1
  • August 26, 2021
  • 10
  • 2021/2022
  • Summary
avatar-seller
WHAT IS ECONOMICS
ALL ABOU
Chapte

, What is economics?
o Economics is derived form the Greek word oikos meaning house and némein meaning manage. Economics is
of household management and is concerned with the ordinary business of life it is regarded as the study of h
beings or societies (governments, businesses, households, and individuals) allocate and utilize scarce resourc
o Basic fact of economic life scarcity without scarcity it would not be necessary to make choices
o Wants are plentiful but the means are scarce therefore we need to make choices
o Relationship between unlimited wants and scarce resources is central to economics
o Lionel Robbins (1898-1984) a prominent 20th century British economist set the tone for most modern definiti
1930s by defining economics as “the science which studies human behaviour as a relationship between ends
means which have alternative uses”
o Central elements of economics are scarcity and choice
o Economics also seeks to describe explain, analyse and predict a variety of phenomena such as economic grow
unemployment, inflation, trade between individuals and countries, the prices of different goods and services
wealth, money, interest rates, exchange rates and business cycles
Scarcity, choice and opportunity cost
o Economics is concerned with scarcity there is not enough goods and services to satisfy everyone's wants, wan
unlimited but the means which wants can satisfied are limited
Wants – are human desires for goods and services. Our wants are unlimited we all want everything. As individua
society we always want or desire more or better goods and services. Individuals have biological, spiritual, materi
and social wants while people as a group have collective wants for things such as law and order, justice and socia
Needs – are necessities the things that are essential for survival, such as food, water, shelter and clothing. Needs
wants are not unlimited.
Demand – differ from wants, desires or needs. There is a demand for a good or service only if those who want to
have the means to do it. Demand has to be backed by purchasing power.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ashlync40. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.84. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64438 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.84
  • (0)
  Add to cart