unpacking economics whereby we are discussing branches of economics

1. WHAT IS ECONOMICS?
NEEDS AND WANTS
All people have needs and wants, but there
are only limited resources available to
satisfy them.
Needs and wants differ from person to
person, and what one person regards as a
need another will see as a want.
Economics Grade 10 Ms A De Atouguia

2. Economics Grade 10 Ms A De Atouguia
DEFINITION OF
ECONOMICS
Economics can therefore be
defined as the study of how
individuals, businesses,
government and other
organisations in our society
choose to use scarce resources to
satisfy needs and wants in a
manner that is efficient and
equitable.

3. BRANCHES OF ECONOMICS
MICRO ECONOMICS
AND
MACRO ECONOMICS
Economics Grade 10 Ms A De Atouguia

4. MICRO ECONOMICS:
Economics Grade 10 Ms A De Atouguia
(micro means small) looks
at the behaviour of the
units of an economy – the
businesses (firms),
households and individual
consumers. For example
demand and supply.

5. Economics Grade 10 Ms A De Atouguia
MACRO ECONOMICS:
macro unemployment rate or the
inflation rate of an economy
means large), on the other hand,
looks at the behaviour of the
economy as a whole, for instance
the

6. Economics Grade 10 Ms A De Atouguia
SUB-BRANCHES OF ECONOMICS
Examples of the sub-branches of economics include the
following:
Development economics focuses on the problems of
poorer countries.
Econometrics focuses on statistical techniques in
economics
Mathematical economics is the use of mathematical
techniques in economics.
Monetary economics examines the role of money and
financial institutions in the economy.

7. Economics Grade 10 Ms A De Atouguia
Labour economics focuses on labour markets.
Public finance looks at the role of government.
Environmental economics studies the impact of
the economy on the environment.
Agricultural economics focuses on agricultural
markets.