ecomics powerpoint

8/11/2019 Ecomics Powerpoint

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The Magic of the Economy Is Economics a Science?

The Study of Economics

Principles of Economics > The Study of Economics


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Economics also allows individual agents to balance expectations.

Economics provides distilled frameworks to analyze complex societal interactions,

as in the case of consumer and firm behavior.

Being knowledgable about economics foundations allows an individual to be an

active and aware participant rather than a passive economic agent.

The Magic of the Economy

Circular Flow of the EconomyView on Boundless.com

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Economics incorporates both qualitative and quantitative assessment.

Economics is divided into two broad areas: microeconomics and

macroeconomics.

Economics can be applied throughout society from business to individual behavior

with further application in the study of crime, family and other social institutions

and interactions.

Is Economics a Science?

Founders of EconomicsView on Boundless.com

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Key terms circular flow A model of market economy that shows the flow of dollars between households and firms. (CC BY-SA 3.0 )

externality An impact, positive or negative, on any party not involved in a given economic transaction or act. (CC BY-SA 3.0 )

social science A branch of science that studies the society and human behavior in it, including anthropology, communicationstudies, criminology, economics, geography, history, political science, psychology, social studies, and sociology. (CC BY-SA 3.0 )

Principles of Economics
http://www.boundless.com/economics/definition/circular-flowhttp://creativecommons.org/licenses/by-sa/3.0/http://en.wiktionary.org/wiki/externalityhttp://creativecommons.org/licenses/by-sa/3.0/http://en.wiktionary.org/wiki/social+sciencehttp://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://en.wiktionary.org/wiki/social+sciencehttp://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://en.wiktionary.org/wiki/externalityhttp://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://www.boundless.com/economics/definition/circular-flow


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circular flow A model of market economy that shows the flow of dollars between households and firms. (CC BY-SA 3.0 )

http://www.boundless.com/economics/definition/circular-flowhttp://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://www.boundless.com/economics/definition/circular-flow


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Circular Flow of the EconomyEconomics provides an accessible foundation for understanding the complexity of the interactions in the world.For example, the circular flow diagramdisplays the economic framework related to the dynamic interconnectedness of economic agents.In the graph above the display is limited to householdsand firms but other depictions of circular flow incorporate the government and international trading partners.



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Real Life Economics: Market Activity



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Founders of EconomicsJohn Stuart Mill, along with David Ricardo, Jeremy Bentham and other political and social philosophers of the mid-nineteenth century are credited withthe founding of the social-political theory that has evolved to be the discipline of economics.

Boundless.com

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Why is the study of economics relevant?

A) Economics is the scientific study of the way in which humans makechoices about production, consumption and wealth when faced withscarce resources.

B) An understanding of economics is important for financial success.

C) Economics is a social science and people need to be familiar with it.

D) Economics is not relevant given the changing global financialdynamics.


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Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Principles of Economics/What Is Economics." CC BY-SA 3.0

http://en.wikibooks.org/wiki/Principles_of_Economics/What_Is_Economics


Why is the study of economics relevant?

A) Economics is the scientific study of the way in which humans makechoices about production, consumption and wealth when faced withscarce resources.

B) An understanding of economics is important for financial success.

C) Economics is a social science and people need to be familiar with it.

D) Economics is not relevant given the changing global financialdynamics.
http://www.boundless.com/http://creativecommons.org/licenses/by-sa/3.0/http://en.wikibooks.org/wiki/Principles_of_Economics/What_Is_Economicshttp://en.wikibooks.org/wiki/Principles_of_Economics/What_Is_Economicshttp://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://creativecommons.org/licenses/by-sa/3.0/http://www.boundless.com/


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Where can economic theory be applied?

A) Economic theory and analysis may be applied throughout society,including business, finance, health care, and government.

B) Economic modeling can be used to explain consumer behavior.

C) Economics examines the behavior individual consumers and firmswithin the market.

D) Economics analyzes the entire economy and issues affecting it.


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Where can economic theory be applied?

A) Economic theory and analysis may be applied throughout society,including business, finance, health care, and government.

B) Economic modeling can be used to explain consumer behavior.

C) Economics examines the behavior individual consumers and firmswithin the market.

D) Economics analyzes the entire economy and issues affecting it.


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Which of the following best explains the role of mathematics inaccomplishing the goals of the study of economics?

A) Economics became more mathematical as a discipline throughout thefirst half of the 20th century.

B) Economics is a social science that assesses the relationship betweenthe consumption and production of goods and services in an environmentof finite resources.

C) Not all economists agree that mathematics has application to humanbehavior and decision making.

D) Economic theory can only be applied to qualitative subjects.


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Which of the following best explains the role of mathematics inaccomplishing the goals of the study of economics?

A) Economics became more mathematical as a discipline throughout thefirst half of the 20th century.

B) Economics is a social science that assesses the relationship betweenthe consumption and production of goods and services in an environmentof finite resources.

C) Not all economists agree that mathematics has application to humanbehavior and decision making.

D) Economic theory can only be applied to qualitative subjects.

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