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  • Introduction Lecture: DR / Khaled Al-Housseini 01016686121/ 01145915227

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    Eslam Zaghloul
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    This document provides an introduction to basic economic concepts. It defines economics as the study of how limited resources are used to produce and distribute goods and services. There are two types of resources: free resources that are unlimited like air and sun, and economic resources that are limited and have a price, like land, labor, capital and entrepreneurship. When production increases, it leads to increases in income, employment, and standards of living. Economics is divided into microeconomics, which focuses on individual decision making, and macroeconomics, which focuses on whole economies and measures like GDP. The three main questions of economics are what to produce, how to produce, and for whom to produce. Demand is the quantity of goods consumers want

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    Introduction Lecture

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    This document provides an introduction to basic economic concepts. It defines economics as the study of how limited resources are used to produce and distribute goods and services. There are two types of resources: free resources that are unlimited like air and sun, and economic resources that are limited and have a price, like land, labor, capital and entrepreneurship. When production increases, it leads to increases in income, employment, and standards of living. Economics is divided into microeconomics, which focuses on individual decision making, and macroeconomics, which focuses on whole economies and measures like GDP. The three main questions of economics are what to produce, how to produce, and for whom to produce. Demand is the quantity of goods consumers want

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views2 pages

    Introduction Lecture: DR / Khaled Al-Housseini 01016686121/ 01145915227

    Uploaded by

    Eslam Zaghloul
    This document provides an introduction to basic economic concepts. It defines economics as the study of how limited resources are used to produce and distribute goods and services. There are two types of resources: free resources that are unlimited like air and sun, and economic resources that are limited and have a price, like land, labor, capital and entrepreneurship. When production increases, it leads to increases in income, employment, and standards of living. Economics is divided into microeconomics, which focuses on individual decision making, and macroeconomics, which focuses on whole economies and measures like GDP. The three main questions of economics are what to produce, how to produce, and for whom to produce. Demand is the quantity of goods consumers want

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    of 2

    1 Basics of Ecomomic

    Introduction Lecture
    • Some important definitions.
    1. Economics: Is the social science that studies the (production, distribution, and consumption) of
    goods and services. (OR)
    .‫ هو العلوم االجتماعية التي تدرس (إنتاج وتوزيع واستهالك) السلع والخدمات‬:‫االقتصاد‬
    2. Economics: The study of how we use economic resources to produce goods and services to satisfy
    our needs.
    .‫ دراسة كيفية استخدامنا للموارد االقتصادية إلنتاج السلع والخدمات لتلبية احتياجاتنا‬:‫االقتصاد‬
    .‫يعني ازاي تقدر تستخدم الموارد المتاحة ليك علشان تقدر تنتج سلع وخدمات وتكفي كل احتياجاتك‬
    3. Resources: are the things or services that are used to produce goods that satisfy human wants.
    .‫ هي األشياء أو الخدمات التي تُستخدم إلنتاج سلع ترضي رغبات اإلنسان‬:‫الموارد‬
    There are two types of resources.
    ▪ Free resources:
    1. Its unlimited (Not scarce) )‫غير محدود (ال يوجد ندرة‬
    2. It has no price. ‫غير مكلفة وال يوجد لها سعر‬
    3. Such as: (sun, air, and water …. etc.)
    ▪ Economic resources:
    1. Its limited and we must pay for it (it has a price). )‫إنها محدودة ويجب أن ندفع ثمنها (لها ثمن‬
    Such as:
    ✓ Land: it means natural resources.
    ✓ Labor: it means people and human efforts.
    ✓ Capital: it includes equipment, cash, machines, raw materials…etc.
    ✓ Enterprise: who uses the previous resources (land, labor, capital) for producing goods and
    services.
    .‫ رأس المال) إلنتاج السلع والخدمات‬، ‫ العمالة‬، ‫ من يستخدم الموارد السابقة (األرض‬:‫المؤسسة‬

    • What is the effect of increasing the production?


    leads to leads to
    Increase in production increase income increase employment rate
    leads to leads to
    (Decrease unemployment) increase in our standard of living
    Increase welfare.

    Dr / Khaled Al-housseini 01016686121/ 01145915227


    2 Basics of Ecomomic

    Economics divided into two parts:


    1. Microeconomics: deals with individuals’ units and decision makers such as: [ consumer, firms, and
    resources owner].
    )‫ ومالكين الموارد‬,‫ والمنظمات‬,‫ده االقتصاد اللي بيهتم بينا كأفراد وصناع قرار مثل (المستهلك‬
    2. Macroeconomics: Dealing with large economies at the state level such as (gross domestic Product
    (GDP), economic growth and level of employment and unemployment).
    ‫ده االقتصاد اللي بيهتم باالقتصاديات العمالقة علي مستوي الدولة كا كل (زي الناتج االجمالي المحلي والنمو‬
    )‫االقتصادي ومستوي التوظيف والبطالة‬

    • What are the three main questions in economics?


    1. What to produce? (Goods or services)
    2. How to produce? (Capital or labor)
    3. For whom to produce? (To all levels of individuals).
    • What is the difference between demand and supply?
    Demand supply
    - quantity of goods and services desired by - Quantity of commodity that is made
    the buyers, and consumers. available to the buyers or the consumers.
    - There is a negative relationship between - There is a positive relationship between
    quantity demanded and price. quantity supplied and price.

    P P S

    A 𝑷𝟐 B
    𝑷𝟏
    ⬚
    𝑷𝟐 B
    𝑷𝟏 A

    D
    Qd Qs
    𝑸𝟏 𝑸𝟐 𝑸𝟏 𝑸𝟐

    Dr / Khaled Al-housseini 01016686121/ 01145915227

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