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    Revisiting Economics As A Social Science

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    Dennis Raymundo
    Economics is the study of rational human behavior in fulfilling needs and wants. It involves the production, distribution, and consumption of goods and services using available resources efficiently. Economics is important because human activities like earning money, banking, and consumption involve economic principles. It is classified as a social science because it deals with how people interact in markets and society. Economics can be divided into macroeconomics, which studies whole economies and aggregates, and microeconomics, which focuses on individual units like consumers and firms.

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    Revisiting Economics As A Social Science

    Uploaded by

    Dennis Raymundo
    591 views12 pages
    Economics is the study of rational human behavior in fulfilling needs and wants. It involves the production, distribution, and consumption of goods and services using available resources efficiently. Economics is important because human activities like earning money, banking, and consumption involve economic principles. It is classified as a social science because it deals with how people interact in markets and society. Economics can be divided into macroeconomics, which studies whole economies and aggregates, and microeconomics, which focuses on individual units like consumers and firms.

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    Economics

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    Revisiting Economics as a Social Science

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    Economics is the study of rational human behavior in fulfilling needs and wants. It involves the production, distribution, and consumption of goods and services using available resources efficiently. Economics is important because human activities like earning money, banking, and consumption involve economic principles. It is classified as a social science because it deals with how people interact in markets and society. Economics can be divided into macroeconomics, which studies whole economies and aggregates, and microeconomics, which focuses on individual units like consumers and firms.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    591 views12 pages

    Revisiting Economics As A Social Science

    Uploaded by

    Dennis Raymundo
    Economics is the study of rational human behavior in fulfilling needs and wants. It involves the production, distribution, and consumption of goods and services using available resources efficiently. Economics is important because human activities like earning money, banking, and consumption involve economic principles. It is classified as a social science because it deals with how people interact in markets and society. Economics can be divided into macroeconomics, which studies whole economies and aggregates, and microeconomics, which focuses on individual units like consumers and firms.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
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    WHAT IS ECONOMICS

    • ECONOMICS – MAY APPEAR TO BE THE STUDY OF COMPLICATED TABLES AND CHARTS


    STATISTICS AND NUMBERS, BUT, MORE SPECIFICALLY, IT IS THE STUDY OF WHAT CONSTITUTES
    RATIONAL HUMAN BEHAVIOR IN THE ENDEAVOR TO FULLFILL NEEDS AND WANTS.
    • ECONOMICS COMESFROM THE GREEK WORD “OIKONOMIA” MEANING “HOUSEHOLD
    MANAGEMENT”.
    • SOME OF THE DEFINITIONS ARE AS FOLLOWS:
    1. WEBSTER – DEFINED ECONOMICS AS A BRANCH OF KNOWLEDGE THAT DEALS WITH THE
    PRODUCTION, DISTRIBUTION AND CONSUMPTION OF GOODS AND SERVICES.
    2. ACCORDING TO FAJARDO – ECONOMICS IS THE PROPER ALLOCATION AND EFFICIENT USE OF
    AVAILABLE RESOURCES FOR THE MAXIMUM SATISFACTION OF HUMAN WANTS.
    IMPORTANCE OF ECONOMICS
    • THIS BROUGHT ABOUT BY THE MERE FACT THAT HIS PHYSICAL EXISTENCE IN
    THE WORLD DEPENDS UPON ECONOMICS. PEOPLE CANNOT LIVE WITHOUT
    PRODUCTION AND CONSUMPTION. ALMOST ALWAYS, HUMAN ACTIVITIES
    INVOLVE ECONOMICS.
    FOR INSTANCE, EARNING MONEY , BUYING GOODS AND SERVICES DEPOSITING
    AND WITHDRAWING MONEY IN THE BANK, THESE ARE ALL ECONOMIC ACTIVITIES.
    • ECONOMICS IS IMPORTANT IN ORDER TO UNDERSTAND PROBLEMS FACING THE
    CITIZEN AND THE FAMILY; TO HELP GOVERNMENT PROMOTE GROWTH AND
    IMPROVE THE QUALITY OF LIFE WHILE AVOIDING DEPRESSION AND INFLATION TO
    ANALYZE FASCINATING PATTERNS OF SOCIAL BEHAVIOR.
    THE NATURE OF ECONOMICS

    •ECONOMICS IS A SCIENCE – A SCIENCE IS A BODY OF


    SYSTEMATIC KNOWLEDGE BUILT UPON BY CONSCIOUS EFFORTS.
    •IT IS CLASSIFIED AS SOCIAL SCIENCE BECAUSE IT DEALS WITH
    THE STUDY OF MAN’S LIFE AND HOW HE LIVES WITH OTHER MEN.
    • ECONOMICS, AS A SOCIAL SCIENCE – IS THE STUDY OF THE RELATIONS
    BETWEEN PEOPLE DURING THE PRODUCTION, DISTRIBUTION AND
    CONSUMPTION OF WEALTH IN HUMAN SOCIETY.
    • ECONOMICS EXPLAINS HOW PEOPLE INTERACT WITHIN MARKETS TO GET WHAT
    THEY WANT OR ACCOMPLISH CERTAIN GOALS.
    • A STUDY OF ECONOMICS CAN DESCRIBE ALL ASPECTS OF A COUNTRY’S
    ECONOMY, SUCH AS HOW COUNTRY USES ITS RESOURCES, HOW MUCH TIME
    LABORERS DEVOTE TO WORK AND LEISURE, THE OUTCOME OF INVESTING IN THE
    INDUSTRIES OR FINANCIAL PRODUCTS, THE EFFECT OF TAXES ON A
    POPULATION, AND WHY BUSINESSES SUCCEED OR FAIL.
    OF THE SOCIAL SCIENCES, ECONOMICS HAS MORE ADVANTAGES AS A
    SCIENTIFIC DISCIPLINE FOR TWO MAJOR REASONS:

    1. ECONOMIC MOTIVES OF HUMAN BEINGS MAY BE MORE REGULAR


    AND THEREFORE PERSISTENT. THEY CAN BE MORE PREDICTABLE.
    2.THERE IS MORE FACTUAL INFORMATION IN THE FORM OF
    STATISTICS. THIS GIVES A SUBSTANTIAL BASIS FOR THE
    VERIFICATION AND FORMATION OF ALTERNATIVE ECONOMIC
    THEORIES.
    MACROECONOMICS AND MICROECONOMICS
    • THE STUDY OF ECONOMICS IS DIVIDED INTO TWO BRANCHES:
    1. MACROECONOMICS – DEALS WITH THE ECONOMIC BEHAVIOR OF THE WHOLE
    ECONOMY OR ITS AGGREGATES SUCH AS GOVERNMENT, BUSINESS AND
    HOUSEHOLDS.
    2. MICROECONOMICS – DEALS WITH THE ECONOMIC BEHAVIOR OF INDIVIDUAL
    UNITS SUCH AS THE CONSUMERS, FIRMS AND THE OWNERS OF THE FACTORS
    OF PRODUCTION. IT IS ALSO KNOWN AS PRICE THEORY.
    DIVISION OF ECONOMICS
    • ECONOMICS HAS FIVE MAJOR DIVISIONS. THESE DIVISIONS ARE AS FOLLOWS:
    1. PRODUCTION – REFERS TO THE PROCESS OF PRODUCING OR CREATING
    GOODS NEEDED BY THE HOUSEHOLDS TO SATISFY THEIR NEEDS.
    2. DISTRIBUTION - THIS REFERS TO THE MARKETING OF GOODS AND SERVICES
    TO THE DIFFERENT ECONOMIC OUTLETS FOR ALLOCATION TO INDIVIDUAL
    CONSUMERS.
    3. EXCHANGE – THIS IS A PROCESS OF TRANSFERRING GOODS AND SERVICES TO
    A PERSON OR PERSONS IN RETURN FOR SOMETHING.
    4. CONSUMPTION – THIS REFERS TO THE PROPER UTILIZATION OF ECONOMIC
    GOODS.
    5. PUBLIC FINANCE - THIS PERTAINS TO THE ACTIVITIES OF THE GOVERNMENT
    REGARDING TAXATION, BORROWINGS, AND EXPENDITURES. IT DEALS WITH THE
    EFFICIENT USE AND FAIR DISTRIBUTION OF PUBLIC RESOURCES IN ORDER TO
    ACHIEVE THE MAXIMUM SOCIAL BENEFITS.
    TOOLS OF ECONOMICS
    • SOME OF THE TOOLS USED BY THESE ECONOMISTS ARE THE FOLLOWING:
    1. LOGIC – IT IS A SCIENCE THAT DEALS WITH SOUND THINKING AND
    REASONING .
    2. MATHEMATICS – IT IS A SCIENCE THAT DEALS WITH NUMBERS AND THEIR
    OPERATIONS.
    3. STATISTICS – IT IS A BRANCH OF. MATHEMATICS ENGAGES WITH THE
    ANALYSIS AND INTERPRETATION OF NUMERICAL DATA.
    THE ECONOMIC RESOURCES
    1. LAND – THESE RESOURCES CONSIST OF FREE GIFTS OF NATURE WHICH INCLUDES ALL NATURAL
    RESOURCES ABOVE, ON , AND BELOW THE GROUND SUCH AS SOIL, RIVERS, OCEANS, LAKES, FORESTS,
    MOUNTAINS, MINERAL RESOURCES AND CLIMATE.
    2. LABOR – THIS ALSO TERMED AS HUMAN RESOURCES. LABOR REFERS TO ALL HUMAN EFFORTS, BE IT
    MENTAL OR PHYSICAL, THAT HELP TO PRODUCE WANT SATISFYING GOODS AND SERVICES.
    3. CAPITAL – CAPITAL HAS TWO ECONOMIC DEFINITIONS AS A FACTOR OF PRODUCTION.
    • CAPITAL CAN REPRESENT

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