Social economics as a Science
Mathematics
Economist use equation, tables, graphs and use statistics to clarify economic issues
Psychology
Economists analyze why humans act the way they do
Sociology
Economists try to understand the interaction among various economic units
Physics, chemistry, and biology
Enable the society to better manage its resources
Natural Sciences
Fields that are more inclined to Earth's natural objects and phenomena
y2-y1 / x1-x2 p2-p1 / q2-q1
Formula for slope formula in economics
Scientific method
Economics makes use of the________ to examine and explain how society makes choices regarding the use of scarce resources in order to respond to human wants
History
Economics rely on historical data particularly economic data
Ethics
Economist are Guided by the understanding of human conduct, character and values and making policy recommendations
Positive economics normative economics
Two types of analysis that economics engage in
Normative economics
Value-laden statements about what should be done
Gerardo Sicat
According the Filipino economist economics is the study of how individuals and Society generally makes choices that involve the use of scarce resources from among alternative wants that need to be satisfied
Paul Samuelson William Nordhaus
According to this 2 American Economist, economics is the study of how societies use scarce re sources to produce valuable Commodities and distribute them among different people
Lionel Robbins
According to this British economist, economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses
Science
Any systemic field of study that examines and explains observed phenomena
Social science
Economics is a what
Microeconomics macroeconomics
Economics is classified into two main branches what are they
History psychology sociology ethics physics/chemistry/biology mathematics
Economics is related to 6
Macroeconomics
Deals with economy as a whole
Microeconomics
Deals with the behavior of individuals in the market
Selecting a job spending income satisfying needs
Decisions made by members of the family
Positive economics
Describes and explains economics phenomena using various Concepts and ideas in economics
Oikonomia
Economics comes from the greek word what
Statistical data
Graphs to show how much variables change
First quadrant
In economics what quadrant is usually use
Variables
It is something measurable and shows the relationship of variables
Oikonomikos
It means Adept at financial matters
Oikonomia
It means household management
Oikos
It means household or family
Oikonomien
It means manage the household or perform household duties
Oikonomos
It means one who manages a household
Economic data
Leaders of the country use______ to formulate programs in laws that would help in improving the state of the economy
Overall prices, production and income
Macroeconomics studies what
Nemlen
Means management or distribution
Decisions of individuals how price changes effects of taxes on price and supply
Microeconomic studies what
Economics
One of the important fields it deals with decisions that lead to the satisfaction of human wants
Pie graph pictograph line graph bar graph
Other types of graph
Identifying the problem or question formation of the hypothesis Gathering and processing data strengthening the hypothesis making a conclusion
Scientific method
Economics
Study of how Society decides to allocate scarce resources among different alternative uses in order to satisfy the most important wants of people
Statistical graph
The grass being used are based on actual observations
Theoretical graph
The grass being used are hypothetical data and illustrate theoretical idea
Variables follow the steps in scientific method statistical Data
The new economic analysis, we will use 3
Paul Samuelson
The one who identified three fundamental questions that have to be addressed by any society
Economics
The science which studies human behavior as a relationship between ends and scarce means which have alternative uses
Economics
The study of how societies use scarce resources to produced valuable Commodities and distribute them among different people
What to produce and in what quantities how to produce for whom to produce
The three fundamental questions
Economics
This is systemic field of study that focuses on the interaction of different units of society
Social sciences
Those which are more inclined towards the study of individuals, groups and institutions that form a society
Quantity
X axis
Price
Y axis
