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INTRODUCTION TO ECONOMICS
SUBMITTED TO:
SUBMITTED BY:
Mendez, Justin
Villanueva, Dharen A.
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LESSON MANUSCRIPT
INTRODUCTION TO ECONOMICS
1. DEFINITION OF ECONOMICS
Many people hear the word "economy" and assume it solely refers to money.
However, economics entails more than just economics; it entails weighing several options
and alternatives. While some of these options entail money, the majority do not. In fact,
economics investigates scarcity and its impact on resource use, the production of
products and services, the increase of output and well-being over time, and a variety of
other complicated and significant societal issues.
The primary goal of economics is to determine the most reasonable and efficient
allocation of resources to achieve individual and societal goals. Nobody has ever
succeeded in precisely delineating the bounds of economics. Despite this, many people
agree with Alfred Marshall, a prominent English economist from the nineteenth century,
who defined economics as "the study of humanity in its everyday activities; it examines
the portion of individual and social behavior most intimately linked to acquiring and
utilizing the necessary material prerequisites for well-being." This definition ignores the
fact that sociologists, psychologists, and anthropologists frequently investigate the same
topics.
The year 1776 marked the effective birth of economics as a separate science,
when the Scottish philosopher Adam Smith published An Inquiry into the Nature and
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Causes of the Wealth of Nations. There was, of course, economics before Smith: the
Greeks, medieval scholastics, and an enormous amount of pamphlet literature from the
15th to the 18th centuries discussed and developed the implications of economic
nationalism (a body of thought now known as mercantilism). Smith, on the other hand,
wrote the first full-scale treatise on economics and, through his magisterial impact,
established what succeeding generations would refer to as the "English school of classical
political economy," now known as classical economics.
2. IMPORTANCE OF ECONOMICS
Economics plays a part in our daily lives since it influences how we make decisions and
socialize around the world, and it allows each country's engagement to flow. Our
economy is deemed to be in terrible condition in the Philippines. With the current
problems caused by poverty, corruption, politics, and, of course, government institutions.
In line with this, it is critical that everyone takes responsibility for understanding the
relevance of economics in our society. The following are some examples of how
economics affects our daily lives:
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Although social sciences are as diverse as humankind's interests, they are all concerned
with people and groups of people. Humans have used a variety of systems to structure their
communities from the beginning of written history, including political, religious, economic, and
social ones. As we examine the present and draw lessons from the past, those organizational
structures as well as our comprehension of human behavior develop.
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Sociology encompasses the study of society, including its details and regulations,
while politics and economics are subfields. Sociology examines the aspects of society, whereas
economics specifically focuses on economic components, analyzing how people navigate
demands and resources.
Economics and history are closely connected, with history serving as a record of
past events, including economic, political, and social conditions. For history students, details like
royal affairs and murders are essential, such as the murder of Julius Caesar in Roman history or
the religious policies of Mughal emperors. However, the interest in history is primarily to
understand past economic problems. In economics, historical data, particularly on taxation,
revenue sources, and living standards, is used to formulate economic laws. This intersection of
economics and history is formalized in the field of 'Economic History.'
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Psychology, the study of human behavior, spans areas like child, mob, industrial,
and criminal psychology. Economics, on the other hand, focuses on behavior concerning
unlimited wants and limited means. Recently, psychology has gained importance in analyzing
economic issues, such as understanding industrial psychology for labor problems. In business,
grasping buyer psychology is crucial, impacting pricing decisions. Key economic principles, like
the law of diminishing marginal utility, are rooted in psychological insights, stating that the more
of something you have, the less you desire it.
Humans want to encompass the various aspirations and needs that individuals strive to
fulfill. The wants in question are boundless and constantly changing, shaped by cultural, social,
and personal inclinations. Concurrently, the available resources to meet these wants are
constrained, encompassing natural resources, human labor, capital, and entrepreneurial
aptitude. Davis (1990) explains that economic activities and institutions require a thorough
understanding of the interplay between unlimited human wants and constrained resources.
Human wants span from basic needs like food and shelter to more ethereal desires like
recognition and personal contentment. Insatiable human demands drive economic activity by
encouraging people to work, trade, innovate, and manage resources to meet their requirements
(Kenton, 2023). However, limited resources mean a lack of production elements to suit human
demands. Economic research on prioritization and allocation techniques must bridge the gap
between people's needs and limited resources (Hayes, 2023).
In addition, the wide range and intricate nature of human wants have led to the
development of various economic theories and models, each aiming to clarify the underlying
principles that drive human behavior in the quest for fulfillment. One area of study within the
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field of economics is behavioral economics, which focuses on the psychological factors that
affect decision-making processes. This field investigates the impact of cognitive biases and
heuristics on consumer decisions and market outcomes (Kahneman & Tversky, 1979).
To reconcile the incongruity arising from the existence of boundless wants and restricted
resources, economies are compelled to make determinations regarding the allocation of
resources, the methods of production, and the beneficiaries of the produced goods and services.
The organization of economic systems, namely market, mixed, or command economies, is
determined by a set of fundamental economic questions. The economic system in operation has
an impact on the distribution of resources, decisions about production, and the allocation of
goods and services, thereby reflecting the values and priorities of society (Hayek, 2005).
The intricate and mutually dependent relationship that exists between human wants and
the resources that they have access to has enormous repercussions for the conceptual
frameworks and aspirations of society. The economic climate and the availability of resources
have a substantial influence on many areas of society, including social conventions, legislation,
political institutions, and the development of cultural traditions. These components are subject
to the influences of as well as contributors to the choices and preferences of society, and as a
result, they both reflect and contribute to the evolution of the social order.
In addition, the interaction between human wants and finite resources sheds light on the
central relevance of public policy and governance in the process of overcoming economic
challenges. The issue for policymakers is to find a solution to the inherent tension that exists
between the desires and objectives of individuals and the general welfare of society as a whole.
They intend to accomplish this through fostering economic growth that is accessible to all,
guaranteeing an equitable allocation of resources, and preserving the viability of the natural
environment. Policy frameworks and institutions play an essential part in minimizing the adverse
effects of scarcity, fostering equitable sharing of the benefits of economic progress, and
protecting the environment for future generations. Therefore, economics functions not only as a
framework for comprehending the concepts of scarcity and choice, but also as a tool for
formulating policies that effectively manage this intricate equilibrium.
Overall, the dynamic relationship between boundless human wants and limited resources
constitutes the fundamental concept of economics, governing economic behaviors, choices, and
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frameworks. The unyielding endeavor to fulfill continuously expanding and changing human
wants drives economic advancement, innovation, and advancement, but the inherent limitation
of resources requires effective distribution, prioritization, and decision-making.
Scarcity is a phenomenon that occurs when the available resources are inadequate to
meet the diverse range of human demands and needs thoroughly. The underlying notion in
economics pertains to the inherent tension that arises from the disparity between our boundless
needs and the finite nature of our resources. According to the renowned economists Samuelson
and Nordhaus (2010), economics examines how societies use limited resources to generate
valuable goods and distribute them among diverse individuals. This topic underscores the
necessity of making decisions, prioritizing tasks, and engaging in decision-making processes
across all levels of society, ranging from small families to the most prominent governmental
entities.
The scarcity principle posits that selecting one choice inherently involves relinquishing
another, hence introducing the notion of opportunity cost, which pertains to the value of the
most favorable alternative foregone. An illustrative scenario is a farmer deciding between
planting wheat or barley, necessitating careful consideration of the advantages of not selecting
barley. According to Mankiw (2000), every decision made in the context of scarcity involves a
trade-off, which entails surrendering one objective to gain another.
Also, the limited availability of resources and the subsequent need to make decisions
significantly impact determining prices and allocating resources. The principles of supply and
demand demonstrate the mechanisms by which prices are established within a market,
effectively reconciling the wants of consumers with the expenses incurred by producers. In
circumstances characterized by a decrease in resource availability, it is common for prices to
increase. This price increase signals producers, indicating the need to commit additional
resources towards producing goods or services. Simultaneously, it acts as a deterrent against
excessive consumption (Malinvaud, 1999).
examining scarcity enhances comprehension of economic mechanisms and delves into societal
advancement and growth's moral and ethical aspects.
6. OPPORTUNITY COST
The fundamental connection between scarcity and choice is expressed through the
concept of opportunity cost, also known as alternative cost. If there is no scarcity of any product
or activity that holds value for individuals, it would be possible to fulfill all desires of all individuals
throughout all periods. There is no necessity to select among distinct possibilities that hold
independent values; there is no requirement for social coordinating mechanisms that efficiently
ascertain the prioritization of wants. In this hypothetical scenario characterized by an absence of
scarcity, the absence of lost, foregone, or sacrificed opportunities or alternatives is seen.
Once scarcity is imposed, it becomes impossible to satisfy all wants. In the absence of
inherent limitations that predefine the distribution of valuable end-objects, such as the
availability of sunshine in Scotland during February, the concept of scarcity necessitates making
choices. These choices can be made directly among different end objects or indirectly among
various institutions or procedural frameworks for social interaction, subsequently leading to the
selection of ultimate end objects.
The concept of choice encompasses the selection of one alternative and the rejection of
others. Opportunity cost refers to the assessment assigned to the alternative or opportunity with
the highest value among those not chosen. The concept referred to is the relinquishment or
sacrifice of a particular value to get the more excellent value represented by the selection of the
preferred object.
The concept of opportunity cost and decision-making. Opportunity cost refers to the
expected value of other options that may have been chosen instead. It is essential to
acknowledge that "that which might have been" lacks significance unless accompanied by a
reference to making choices. When options are limited or nonexistent, it can be worthwhile to
discuss the values associated with hypothetical occurrences that could have occurred but did not.
Characterizing these values as opportunity costs lacks significance, as the alternative situation
does not embody a foregone or relinquished opportunity. Several ramifications ensue once the
fundamental connection between choice and opportunity cost is recognized.
In selecting between distinct and valued alternatives, an individual must assume the
responsibility of making the choice. In other words, a decision-maker is necessary, one
responsible for making choices. The second inference can be inferred from this. The
determination of the opportunity cost, which refers to the value attributed to the unselected
choice, is contingent upon the subjective perception of the decision-maker. No alternative
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location can be found. Therefore, the decision-maker must solely shoulder the cost burden, with
no possibility of transferring it to any other party. Another essential implication is that the
concept of opportunity cost is inherently subjective. The locus of choice resides within the
cognitive domain of the individual, rendering it impervious to external objectification or
quantification. It is not easily convertible into a resource, commodity, or monetary form.
Opportunity cost is a concept that is applicable solely during the moment of decision-making
when an option is ultimately selected. It disappears quickly after that. Consequently, cost is
inherently unrealizable, as what is rejected or foregone cannot be subsequently experienced or
enjoyed.
The primary significance of the connection between choice and opportunity cost lies in
this framework's ex-ante or prospective cost nature. Opportunity cost refers to the value
attributed to the option not chosen by the decision-maker. It is the hurdle that must be
considered, assessed, and ultimately disregarded to select the desired alternative. Previous
decisions influence the opportunity cost associated with a specific option. However, with the
current choice being considered, the opportunity cost is a factor that influences decision-making
rather than being influenced by it.
One illustrative instance may elucidate this assertion. An individual decides to acquire a
motor vehicle using a payment arrangement involving three-year installment loans. The decision-
making process is shaped by the opportunity cost, which refers to the value attributed by the
buyer to the alternative option that is not chosen. In this context, it pertains to the expected
value of the items that may be acquired using the funds allocated for loan repayments. After
carefully evaluating the potential benefits of this alternative and deciding to proceed with the
purchase, it is crucial to examine the implications of adhering to the loan repayment schedule.
Regular monthly payments are required; it is customary to refer to them as the "expenses"
associated with the vehicle. The individual will likely experience a reduced perceived usefulness
when the installments become due and require payment. However, these "costs" are
inconsequential as factors that influence decision-making. The lack of capitalization of post-
choice repercussions in a utility dimension is a significant cause of confusion.
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When looking at opportunity costs, economists consider two categories: explicit and
implicit. Consider the query, "How much does it cost to attend college for a year?" One such
approach is aggregating explicit expenses, such as tuition fees, textbooks, and educational
materials. The following instances illustrate explicit costs, which necessitate a monetary
payment. Nevertheless, the expenses incurred are insignificant when juxtaposed with the
intrinsic worth of the temporal investment required for attending lectures, completing
assignments, and engaging in related academic activities. The implicit cost of attending college
refers to the potential earnings that a student may have obtained if they had chosen to work
instead of pursuing their education.
"Explicit costs are those that are incurred when taking a specific course of action," says
Dr. Bob Castaneda, program director of Walden University's College of Management of
Technology.
Wages, supplies, stock purchases, rent, utilities, and other tangible costs are examples of
the explicit opportunity costs connected with a decision. The explicit costs encompass whatever
monetary value is necessary to make a decision.
Calculating profit: The profit is the remaining dollar amount on the general ledger after a
company has paid all its stated costs.
Making long-term strategic plans: Explicit cost is a tool for determining a company's
profitability. The statistic in question holds significant importance in long-term strategic planning,
enabling a corporation to make projections regarding its anticipated profits within a specific
timeframe.
On the other hand, "implicit costs may or may not have been incurred by forgoing a specific
action," says Castaneda.
Implicit costs are indirect and sometimes challenging to determine. These alternatives
symbolize the potential earnings or additional advantages that may have been obtained if an
alternate decision had been made. Implicit costs are frequent resources provided by business
owners or direct expenses, such as the cost of using a building for operations rather than renting
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it out for a profit. Furthermore, implicit costs encompass the devaluation of assets or
merchandise, as well as the expenses associated with necessary supplies and equipment for the
operational activities of the business. Implicit costs refer to the expenditures that would not arise
if a company were to allocate its resources toward creating income.
A company's total economic success may be significantly influenced by implicit cost. This
phenomenon can be attributed to the inclusion of implicit costs, which encompasses the
underutilization of resources and the potential loss a corporation sustains when it decides not to
utilize its resources to generate additional money.
Due to the potential difficulty in quantifying these costs, experts frequently refer to
implicit costs as implied, notional, or assumed costs. Not including implicit costs in corporate
accounting is because these costs do not involve direct monetary transactions. Moreover, implicit
costs might be seen as a prospective reduction in revenue rather than a specific increase in profit.
An organization should incorporate implicit costs into calculating its operational expenses as they
can also indicate potential foregone revenue streams.
Problems Answers
Population growth has the potential to put a The Department of Health (DOH), in
significant strain on economic, social, and collaboration with local government units
environmental resources. The adverse (LGUs), has actively advocated for
consequences of population growth on responsible parenthood as a means to
economic development involve the depletion promote family planning. The use of modern
of resources due to overpopulation, higher contraceptive techniques has demonstrated
a consistent increase each year.
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Environmental issues or Natural disasters The National Calamity Fund is allocated for
the purpose of providing assistance, relief,
According to PAG-ASA, around 20 typhoons and rehabilitation services to regions that
enter the Philippine Area of Responsibility have been impacted by both human-induced
and 5 of them are often destructive which and natural disasters. Additionally, it is
causes casualties and property loss. utilized for the purpose of repairing and
reconstructing permanent infrastructure. The
allocation of funds with limited resources
made the National Disaster Risk Reduction
and Management Council to implement a
rationalization strategy. This strategy aims to
prioritize critical and immediate requirements
in the impacted areas.
On the other hand, these are the existing problems in the Philippines that are not solved yet by
the government:
1. Rising national debt could reduce business investments in the country, slow economic
growth, and increase the expectations of higher rates of inflation.
2. Corrupt government
3. Increase of imports
4. Inflation
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8. TOOLS OF ECONOMICS
Economic Variables
It is a defined and measured economic quantity that is represented by a symbol in
mathematical equations or identities. It changes as its determinants and economic
activities change. The examples of economic variables are income, expenditure,
saving, interest, profit, investment, consumption, imports, exports, demand,
supply, prices, production cost, capital, etc.
Types of Variables:
Dependent variables are affected by a change in the value of another variable and
depend on the independent variable.
Independent variables are not affected by a change in the value of other variables.
Endogenous variables are variables whose value can be obtained within the
model.
Exogenous variables exist outside the model. Its value is obtained from the factors
outside the economic model.
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* The model can predict the value of endogenous variables but not the exogenous
variable. However, both of them can influence economic models and business
cycles.
Equations
It is when economic theory is transformed into algebraic form. It is also a
statement of equality of two expressions which can also be used to calculate the
value of an unknown variable.
Identities
It is an equilibrium condition which explains that two alternative expressions have
exactly the same meaning. It is denoted by a three-bar sign ( ≡ ).
It is different from an equation because an identity shows that the relation is true
for all the values of the variables and no values can contradict it.
Examples of Identities:
Tables state the summary of events with titles and units, provide easy
understanding and interpretation, and help in calculating derived quantities.
“All graphs are a type of a chart but not all charts are graphs.”
Charts are graphical representations of data that may or may not be related. It
shows vivid presentations of economic results. Examples: pie chart, pictorial chart,
bar chart, statistical chart
Optimization
It is used to determine the value of an independent variable that maximizes or
minimizes the value of a dependent variable. It is useful in managerial decisions.
It determines the level of output that would minimize the cost of production or
maximize the profits which is done by studying the change in dependent variable
and considering the records and trends that can be used again to predict future
market turns.
Linear Programming
It refers to a mathematical technique used for optimization problems (including
variables that have linear relationships). It provides the best solution for the
allocation of resources.
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