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Introduction to Economics
Definition of economics SCARCITY
Resources:
1.Land
2.Labor
3.Capital
4.Entrepreneur

Basic Economic
Concepts

OPPORTUNITY COST

CHOICE
How To solve? Using these system

What & How Much to Produce

Fundamental
Economic
Problem

How to Produce
For Whom to Produce

Types of Economic Systems:
a) Capitalistic Economy
b) Socialistic/Command
Economy
c) The Mixed Economy

Free Market/ laissez faire

Theory of Demand

Price mechanism Buyers

Sellers

Graphing demand curve
Individual demand curve
Market demand curve

Changes in Dd

Determinants of Demand

Demand
Changes in Qd
Definition of
Demand

Law of Demand

-Influenced by its price
-Movement along Dd curve -2 types of movement:
a) Expansion
b) Contraction

- -ve relationship (P & Qd)
-P Qd
-P Qd
Income Effect

P

Purchasing Power Qd

Substitution Effect

Pcola Ppepsi cheaper Qdcola

-Influenced by other non-price factors
-Shift of Dd curve
-2 types of movement:
a) Rightward
b) Leftward

Other non-price factors:
a) Income:
- Normal Good : Income Dd
- Inferior Good : Income Dd
b) Tastes & Preferences
- Fashion : Taste Dd
c) Price of Related Goods
- Substitute Goods : (Pepsi &cola)
Pcola Qdcla Pppsi cheaper,Ddpepsi
- Complimentary Goods : (car &fuel)
Pcar Qdcar Ddfuel

Theory of Supply
The behavior of a sellers

Definition of
Supply

Law of Supply

- +ve relationship (P & Qs)
-P Qs (ceteris paribus)
-P Qs (ceteris paribus)

Determinants of Supply
-Influenced by its price
-Movement along Ss curve -2 types of movement:
a) Expansion
b) Contraction

Other non-price factors:
a) No. of Sellers:
More seller, Supply (Ss)
b) Technology:
Tech. improve, more productive, Ss
c) Resources prices:
Resources prices , Production cost ,
Ss
d) Sellers’ expectations about future prices
e) Taxes and Subsidies:
Imposed taxes, Production Cost , Ss
Imposed subsidies, Prod. Cost , Ss

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