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Introduction to key economic concepts

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The document provides an introduction to key concepts in economics. It defines economics as the study of how individuals and societies make choices about allocating scarce resources. It discusses microeconomics, macroeconomics, and the factors of production. It also summarizes concepts like opportunity cost, utility, and the basic economic question of what, how, and for whom to produce goods and services.

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Introduction to Economics ys
Introduction ,[object Object]
Definition —Lionel Robbins ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Modern Definition ,[object Object],[object Object]
Meaning ,[object Object],[object Object]
Social Science ,[object Object],[object Object]
Scientific Methodology ,[object Object],[object Object],[object Object]
Economics as Social Science ,[object Object],[object Object],[object Object]
Steps in Scientific method ,[object Object],[object Object],[object Object],[object Object],[object Object]
Scarcity ,[object Object],[object Object],[object Object],[object Object]
Micro Economics ,[object Object],[object Object],[object Object]
Macro Economics ,[object Object],[object Object],[object Object]
Examples ,[object Object],[object Object],[object Object]
Growth ,[object Object],[object Object],[object Object]
Economic Growth ,[object Object],[object Object],[object Object]
Development ,[object Object]
Economic Development ,[object Object],[object Object]
Sustainable development ,[object Object],[object Object],[object Object]
Definition ,[object Object],[object Object],[object Object],[object Object]
Positive concepts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Normative Concepts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Examples ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Examples ,[object Object],[object Object],[object Object],[object Object],[object Object],       Spending on defence is greater than spending on education        Socrates is a man . He was sentenced to death .        Women are paid less than men.
Ceteris Paribus ,[object Object],[object Object]
Ceteris Paribus ,[object Object],[object Object],[object Object],[object Object]
Factors of Production ,[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
Factor Payments ,[object Object],[object Object],[object Object],[object Object]
Factors of Production ,[object Object],[object Object],[object Object],[object Object]
Utility ,[object Object],[object Object],[object Object],[object Object]
Features of utility ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Opportunity cost ,[object Object],[object Object]
Opportunity cost ,[object Object],[object Object],[object Object],[object Object]
Free Goods ,[object Object],[object Object],[object Object],[object Object],[object Object]
Economic goods ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Basic Economic Question ,[object Object],[object Object],[object Object],[object Object]
Types of Economy ,[object Object],[object Object],[object Object],[object Object]

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Introduction to key economic concepts

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