What is Economics + Economics and the Scientific Method – Flashcards
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Oikonomia
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Greek word for management of the household
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Paul Samuelson + William Nordhouse
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"Economics is how societies choose scarce resources, produce commodities, and distribute them"
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Gerardo Sicat
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"Economics is how individuals and society choose scarce resources from among alternative wants that need to be satisfied."
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Bernardo Villegas
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"Economics is a social science about optimum allocation, over time, of scarce human and non-human resources among their alternative uses in order to satisfy unlimited human wants and needs."
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Positive + Normative
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types of economics
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Positive Economics
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sees conditions "as they are" uses objective/scientific knowledge
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Normative Economics
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judges conditions concerned with human welfare deals with ethics, personal value judgements and obligations
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What to Produce
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Basic Economic Question: identifying the commodities needed
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How to Produce
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Basic Economic Question: identify different methods/techniques in order to produce
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How Much to Produce
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Basic Economic Question: identify number to be produced
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For Whom to Produce
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Basic Economic Question: identify people/sector who demand the commodities
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interacts with man and how he interacts with other elements of society
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How is economics social?
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systematic body of knowledge which utilises the scientific approach in explaining decisions made by society
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How is economics a science?
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Identify the problem Formulate a hypothesis Conduct a study and gather data Make conclusion and provide solutions
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the Scientific Method
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Math
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Related science: uses graphs, tables, equations, statistics
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History
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Related science: data needed in formulating and evaluating theories and developing plans
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Sociology
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Related science: human relations, interaction amongst units, evaluate social organisations and economic growth
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Psychology
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Related science: human acts , how decisions are made
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Ethics
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Related science: human conduct, character/values help make policy recommendations
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Physics, Chemistry, Biology
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Related science: manage resources
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Microeconomics Macroeconomics
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Branches of Economics
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Microeconomics
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Branch of Economics: individual decisions of firms and households and how their actions affect the prices buyer, consumer, seller, producer
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Macroeconomics
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Branch of Economics: broad economic aggregates (whole formed by combining several elements) behaviors of economy as a whole consumption, investment, government spending, trade (export + import)
