THE ECONOMICS

Economics comes from

Greek word Oikonomia
which means household
management. According to
Paul Wonnacot in the book of
Economics, economics is a
study of how people make a
living, find food and other
material needs.
KEY CONCEPTS OF
ECONOMICS
Scarcity- the state of
being scarce or in short;
shortage.
Factors of Scarcity
1. Land
2. Labor
3. Capital
4. Entrepreneurship
SUPPLY DEMAND

Supply- refers to the

number of goods and
services for consumers.
Demand- indicates the
number of goods and
services consumers are
willing and able to
purchase.
INCENTIVE

Incentive-
refers to the
factor that
influences the
consumer in the
decision making
process.
TRADE OFF AND OPPORTUNITY
COST
Trade-Off occurs when a
decision leads to
choosing one thing over
another. The loss
incurred by not selecting
the other option is called
opportunity cost when
one option is selected.
 An economic system is a
ECONOMIC SYSTEMS means by which societies or
governments organize and
distribute available resources,
services, and goods across a
geographic region or country.
Economic systems regulate
the factors of production,
including land, capital, labor,
and physical resources.
FACTORS OF PRODUCTION

Factors of Production-
refers to the inputs
applied to the
production process to
create output; the
goods and services
produced in an
economy
CIRCULAR FLOW

Circular Flow-is a model

in economics primary
portrays how money
flows through different
units in an economy.
INTERNATIONAL TRADE

International Trade-
occurs when a trade
happens between
countries. Goods and
services are traded
across countries
contributing significantly
to GDP.
BRANCHES OF ECONOMICS

Macroeconomics derived
from Greek word
“Makro” which means
large. Involves the study
of factors affecting an
economy as a whole
rather than the study of
the individual factors.
MICROECONOMICS
Microeconomics is
derived from Greek word
“Mikro” meaning small.
Microeconomics studies
the decisions of
individuals and affirms to
allocate resources of
production , exchange
and consumption.
KEY AREAS IN ECONOMICS WHICH
CAN APPLIED IN RESEARCH

It investigates the
determinants and
consequences of
economics
development in
different countries
and regions.
ENVIRONMENTAL ECONOMICS

Analyzes the
interaction between
economic activity
and the
environment.
LABOR ECONOMICS

It explores the
functioning of wages,
employments, human
capital, labor markets,
discrimination and
regulations.
PUBLIC ECONOMICS

It studies the role of

economic government
in the economy
including topics such
as taxation public
expenditure, welfare
programs, and the
evaluation of public
policies.
THANK YOU AND GOD
BLESSS US ALL
Reporters: Warren S. Fernandez
Honey Jean J. Tamayo