COURSE: BACHELOR OF COMMERCE (BCOM) UNIT: INTRODUCTION TO MACRO-ECONOMICS QUESTION: MICRO-ECONOMICS AND MACRO-ECONOMICS INTRODUCTION Economics is the foundation of all commercial activity and comprises two areas: microeconomics and macroeconomics. Macroeconomics is concerned with the big picture‚ for example‚ the national economy and gross domestic product. By contrast‚ microeconomics is concerned with the small picture and focuses on theories of supply and demand. Microeconomics is
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Economics is the social science that studies the behavior of individuals‚ households‚ and organizations (called economic actors‚ players‚ or agents)‚ when they manage or use scarce resources‚ which have alternative uses‚ to achieve desired ends. Agents are assumed to act rationally‚ have multiple desirable ends in sight‚ limited resources to obtain these ends‚ a set of stable preferences‚ a definite overall guiding objective‚ and the capability of making a choice. There exists an economic problem
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Economics | | |Sr. No. |Core Areas |Percentage | |1. |Micro-Economics |15% | |2. |Marco-Economics |15% | |3. |Econometrics
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1. Explain economics? Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output‚ called goods. Resources include inputs such as labor‚ capital‚ and land. Goods include products such as food‚ clothing‚ and housing as well as services such as those provided by barbers‚ doctors‚ and police officers. These resources and goods maybe be considered scarce because of society’s tendency to demand more resources and goods than
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ECONOMICS the branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. the social science that studies economic activity to gain an understanding of the processes that govern the production‚ distribution and consumption of goods and services in an exchange economy. SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive
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Economics 1Assessment Instructions Assessment 2: Individual Assignment‚ 30% of Module Weighting 1.0) RELEVANT MODULE LEARNING OUTCOMES: A. Analyse a range of current economic issues and problems. B. Develop and communicate economic arguments in a variety of forms. C. Be able to make effective presentations of economic arguments. D-J The nature of this assignment is such that students will analyse a particular newspaper article and‚ depending on the subject matter‚ will respond to one
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will compare and contrast different economic systems and explain how they answer the three basic economic questions of what to produce‚ how to produce‚ and for whom to produce. a. Compare command‚ market‚ and mixed economic systems with regard to private ownership‚ profit motive‚ consumer sovereignty‚ competition‚ and government regulation. b. Evaluate how well each type of system answers the three economic questions and meets the broad social and economic goals of freedom‚ security‚ equity‚
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ECONOMICS CHAPTER 1- INTRODUCTION TO ECONOMICS ● Assumed 3 decision makers- consumers (households) – that sell land‚ labour‚ capital & entrepreneurship and firms- that pay rent‚ wages‚ interest and profits (rewards for above factors of production ) firms then use the factors to produce G/S in return for payment from consumer. Govt imposes taxes on individuals and (income tax) and firms (corporate tax) to provide infrastructure and other services to community ● Econon’s 2 basic assumptions
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EC137 Economics Coursework Based on Principles of Microeconomics (Lecturer: Ger Turley) Assignment 2 Instructions: To be submitted by 4pm on Friday‚ 18th of October to the Economics Department‚ 1st floor of St. Anthony’s building (old part of the CAIRNES School of Business and Economics building) on the Upper Newcastle Road (located on the right-hand side‚ beyond the Topaz garage and crossroads). Please ensure that your name‚ student ID‚ tutorial details (day‚ time‚ venue)‚ degree programme
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Economics Activity Points % of Total Discuss 105 6% Exam 60 3% Final Exam 100 5% Journal 140 8% Practice 360 19% Quiz 540 29% Test (CST) 350 19% Test (TST) 200 11% Total Points for the Course : 1855 Unit 1: The Game of Economics Lesson 1.1: What Is Economics Anyway? Activity 1.1.1: Study - What Kind of Game? (Documents: Study Sheet) See how economics can be understood as a game with rules that is played by people with different roles. Duration: 40 min Activity
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