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Economics Chapter 1-Part 2
Economics Chapter 1-Part 2
WEEK 2
Week 2
Topics:
Sociology History
• Economics and Sociology Both History and Economics deal
are allied studies for both deal with how a country struggle and
its progress .
with individual’s relation to
society since that society • The study of History involve s
the study of Economics and vice
affects his or her behavior and versa for both are Social Sciences.
way of life.
Relationship of Economics to Other Sciences
Ethics Civics
Ethics points out the right and the Civic problems are interrelated with
wrong conduct in such matters as Economic problems.
wealth, production, consumption, • Civics deals with the problems of the
exchange, wage, profit, strike, labor, government in maintaining a well-
and private property. ordered society.
• Leveling influence • Economics treats these problems
which individuals have to face as they
participate in the affairs of the
community.
Relationship of Economics to Other
Sciences
Statistics
Psychology
• The science of learning from
There is definite relation exists data.
between Economics and Psychology. • It is concerned with the
• The mere desire for good is a collection, classification,
psychological fact; but when that analysis and interpretation of
desire is expressed in the purchase of numeral facts and data to draw
those goods that psychological fact
inferences.
becomes economic fact.
Relationship of Economics to Other
Sciences
Geography
Physics
The study of physical features The study of matter and energy.
of a country as well as its Technology, invention, and
products and population which innovation are the outcomes of
affects the economic activities of scientific studies.
Through the use of modern
man. technology our economy is able to
It affects the activities of men. develop and sustain.
Relationship of Economics to Other Sciences
Chemistry Political Science
Focused on the study of The study of government
composition of chemicals for thestructure, functions,
creation of variety of goods. responsibilities, and laws is
vital because all of these
The creation of and production affect and influence our lives
using new technology.
and the economy as a whole.
Why Study Economics?
2. At the ice cream parlor, you have to choose between rocky road and
strawberry. When you choose rocky road..
Opportunity cost -enjoyment of the strawberry
Benefit: enjoyment of rocky road
3. A player attends baseball training to be a better player instead of taking a
vacation.
Opportunity cost –vacation
Benefit- become a better player
4. Jill decides to take the bus to work instead of driving. It takes her 60 minutes
to get there on the bus and driving would have been 40,…
Opportunity cost - is 20 minutes.
Benefit: maybe can save fuel
5. This semester you can only have one elective and you want both basket-
weaving and choir. You choose basket weaving .
Opportunity cost -the enjoyment and value you would have received from
choir.
Benefit-develop a weaving skill
#opportunitycosthugot
Kung sakaling magkita kayo ng X mo sabihin mo goodbye opportunity cost!
At kung sakali si crush ay dadaan sa harap mo,aba ano pa? Benefit na yan!