What Is Economics?

WHAT IS ECONOMICS? UNDERSTANDING ECONOMICS IN THE PHILIPPINE SETTING By: Tereso S. Tullao, Jr., Ph.D. Prepared by: GREGAR DONAVEN E. VALDEHUEZA, MBA Lourdes College Instructor

Economics as a Social Science ,[object Object],[object Object],* Economics tries to understand how members of a society behave and organize themselves to meet their individual and communal material needs and desires.

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Resources ,[object Object],[object Object]

Categories of Resources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Human Wants ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Concept of Scarcity ,[object Object],[object Object],[object Object],[object Object],[object Object]

Concept of Economizing and Efficiency ,[object Object],[object Object],[object Object]

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Allocation Process ,[object Object],[object Object],[object Object],[object Object]

Why Study Economics? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

What Is Economics?

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What Is Economics?