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Econ

This document defines economics as the social science concerned with production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations allocate scarce resources. The document outlines key concepts in economics including macroeconomics, microeconomics, economic indicators like GDP and CPI, different economic systems like capitalism and socialism, and the importance of studying economics such as helping reduce poverty and increase national wealth.

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irish bautista
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28 views2 pages

Econ

This document defines economics as the social science concerned with production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations allocate scarce resources. The document outlines key concepts in economics including macroeconomics, microeconomics, economic indicators like GDP and CPI, different economic systems like capitalism and socialism, and the importance of studying economics such as helping reduce poverty and increase national wealth.

Uploaded by

irish bautista
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BAUTISTA, IRISH C.

08/19/2019
BSA 2-8 | A166 Mrs. Melaida Resuello

 ECONOMICS - Measures the level of retail price


- It is a social science concerned with changes (the costs that consumers
the production, distribution, and pay).
consumption of goods and services. - Benchmark for measuring inflation.
- It studies how individuals, businesses,  ECONOMIC SYSTEMS
governments, and nations make  Capitalism
choices on allocating resources to - system of production whereby
satisfy their wants and needs, trying to business owners (capitalists) produce
determine how these groups should goods for sale in order to make a
organize and coordinate efforts to profit and not for personal
achieve maximum output. consumption.
- Concerned with efficiency in  Socialism
production and exchange and uses - system of production whereby
models and assumptions to understand workers collectively own the
how to create incentives and policies business, the tools of production, the
that will maximize efficiency. finished product, and share the profits
 Communism
 TYPES OF ECONOMICS - system of production where private
 Macroeconomics property ceases to exist and the people
- Studies overall economies on a of a society collectively own the tools
regional, national, or international of production.
scale.
 Microeconomics  IMPORTANCE OF STUDYING
- Focuses on the behavior of individual ECONOMICS
consumers and producers.  Helps to conquer poverty

 ECONOMIC INDICATORS  Economics teaches the knowledge of


 Gross Domestic Product (GDP) economic systems
- Considered by many to be the
broadest measure of a country's  Economics teaches modern methods
economic performance. of production
- Represents the total market value of
 Helps in proper budgeting
all finished goods and services
produced in a country in a given year  Helps to increase national wealth
or another period
 Consumer Price Index (CPI)  Helps to formulate budget
BAUTISTA, IRISH C. 08/19/2019
BSA 2-8 | A166 Mrs. Melaida Resuello

 Helps to frame law

SOURCES:
https://www.investopedia.com/terms/e/econ
omics.asp
https://accountlearning.com/importance-
significance-study-economics/

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