lesson 1a- intro to econ (
TRANSCRIPT
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THE WORLD OFTHE WORLD OF
ECONOMICSECONOMICSObjectives:Objectives:
-- To understand why I should studyTo understand why I should studyEconomics?Economics?
-- To appreciate the opportunity ofTo appreciate the opportunity ofeconomic learningeconomic learning
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Did you know thatDid you know thatECONOMICSECONOMICS
is a practical and anis a practical and animportant subjectimportant subject
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ECONOMICS is aboutECONOMICS is about
MAKING CHOICESMAKING CHOICES
HowHow MANMAN (you and me) makes a CHOICE(you and me) makes a CHOICEon big and even small matterson big and even small matters
HowHow BUSINESSBUSINESS makes a CHOICE on variousmakes a CHOICE on variousbusiness mattersbusiness matters
HowHow SOCIETYSOCIETY makes a CHOICE on how to make ourmakes a CHOICE on how to make ourworld a better place to live inworld a better place to live in
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AS YOU ENTERED THE CLASSROOMAS YOU ENTERED THE CLASSROOM
YOU MADE SOME ECONOMIC DECISIONS!YOU MADE SOME ECONOMIC DECISIONS!
Should I attend the first day of class?
YES = 100% NO= 0%
If I had not come, where would I be
instead or what could I be doing?
SLEEPING =91.4%
EATING = 51.4%
MALLING/SHOPPING = 31.3%
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HHmmmWHICH SEAT WILL IHHmmmWHICH SEAT WILL I
TAKE?TAKE?
Where should I sit?
1st Row /2nd Row / 3rd Row /4th Row
Reasons for choosing a particular seat
NEAR A FRIEND = 60%
NEAR THE PROFESSOR = 22.9%
NEAR THE DOOR = 8%
COOL =8%
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OTHER ECONOMICOTHER ECONOMICDECISIONSDECISIONS
LIFE IS ALWAYS ABOUT MAKINGLIFE IS ALWAYS ABOUT MAKINGSIMPLE AND IMPORTANTSIMPLE AND IMPORTANT
DECISIONS!DECISIONS!
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BREAKFASTLUNCHDINNERBREAKFASTLUNCHDINNER
SNACK???SNACK???
WHERE WILL I GO?
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WHAT WILL I EAT?WHAT WILL I EAT?
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Should I pursue and finishmy college education?
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Or work and earn a living?
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Should I enter into a
relationship with thisperson?
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Should I marry at an early age?
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Or wait until I am ready for a serious
relationship? Responsibility?
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PERSONAL DECISIONSPERSONAL DECISIONS
How will I spend my time? Money?How will I spend my time? Money?
Energy? Life?Energy? Life?
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BUSINESS DECISIONSBUSINESS DECISIONSShould I put up this business ?Should I put up this business ?
What will I sell or create?What will I sell or create?How many will I sell or create?How many will I sell or create?
Etc..etc..etc!Etc..etc..etc!
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WHY DOWHY DOMAN/BUSINESS/SOCIETYMAN/BUSINESS/SOCIETY
HAVE TO MAKE SOMEHAVE TO MAKE SOMECHOICESCHOICES??
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SCARC
ITYSCA
RC
ITYWe can not HAVE everything weWe can not HAVE everything weWANT!!!WANT!!!
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REASONS FORREASONS FOR
STUDYING ECONOMICSSTUDYING ECONOMICS
Reasons why we are here?Reasons why we are here?
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ScarcityScarcity
The root problem that economics deals
with.
Paired with shortage of resources are themultiple wants and desires of human
beings.
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LOOKING THROUGH THE EYESLOOKING THROUGH THE EYES
OF SCARCITYOF SCARCITY
OPPORTUNITY COST the cost ofsomething given up in order to obtain a
good
The best alternative that is forgone when
we make a decision or a choice
Tradeoff or exchange
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OO--PP--PP--OO--RR--TT--UU--NN--II--TT--YY
COST???COST???Given this situation:Faced with a tempting assortment of
food items for merienda, we discover thatwe have only P100 left in our wallet to spendboth for food and for a ballpen.
What is the scarce resource here? ______
THE CHOICE HERE INVOLVESALTERNATIVE WAYS OF SATISFYINGBOTH NEEDS WITHIN OUR BUDGET.
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We could buy fruit juice and a big slice of
cake with just enough left over to buy an
ordinary ballpen or we could take a
softdrink and some crackers and buy a
felt-tipped pen.
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The point here is that since human beings
have MULTIPLE wants and desires,
resources have alternative uses.
Scarce resources need to be allocated
among different needs.
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Importance of Studying EconomicsImportance of Studying Economics
1. It will make you an informed andwise DECISION MAKER or anintelligent participant in the
economy
Learn the economic way ofthinking
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ECONOMIC ISSUESECONOMIC ISSUES
FOREX RATE
UNEMPLOYMENT
POVERTY
ELECTION
FINANCIAL
INSTITUTIONS
PRICES
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3. It will help you understandpotential gains and limitations
of economic policy
Consider the social perspective
or interest
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