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    Introduction To Economics

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    Viraja Guru
    Economics analyzes production, distribution, and consumption of goods and services. It aims to explain how economies function and how economic agents interact. Economics is applied in business, finance, government, and other areas of society. Modern economics makes two assumptions about human desires: they are insatiable and continue wanting more goods/services, and they are rational in their desires. For a society to satisfy desires, people must engage in production using natural resources and labor. However, using only resources and labor does not satisfy desires well, so people convert resources into tools to allow for greater future production.

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    Introduction To Economics

    Uploaded by

    Viraja Guru
    29 views1 page
    Economics analyzes production, distribution, and consumption of goods and services. It aims to explain how economies function and how economic agents interact. Economics is applied in business, finance, government, and other areas of society. Modern economics makes two assumptions about human desires: they are insatiable and continue wanting more goods/services, and they are rational in their desires. For a society to satisfy desires, people must engage in production using natural resources and labor. However, using only resources and labor does not satisfy desires well, so people convert resources into tools to allow for greater future production.

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    Basics of economics

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    Introduction to Economics

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    Economics analyzes production, distribution, and consumption of goods and services. It aims to explain how economies function and how economic agents interact. Economics is applied in business, finance, government, and other areas of society. Modern economics makes two assumptions about human desires: they are insatiable and continue wanting more goods/services, and they are rational in their desires. For a society to satisfy desires, people must engage in production using natural resources and labor. However, using only resources and labor does not satisfy desires well, so people convert resources into tools to allow for greater future production.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    29 views1 page

    Introduction To Economics

    Uploaded by

    Viraja Guru
    Economics analyzes production, distribution, and consumption of goods and services. It aims to explain how economies function and how economic agents interact. Economics is applied in business, finance, government, and other areas of society. Modern economics makes two assumptions about human desires: they are insatiable and continue wanting more goods/services, and they are rational in their desires. For a society to satisfy desires, people must engage in production using natural resources and labor. However, using only resources and labor does not satisfy desires well, so people convert resources into tools to allow for greater future production.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    Introduction to Economics :

    Economics is the social science that analyses the production, distribution and consumption of goods and
    services. Economics aims to explain how economics work and how economic agents interact. Economic
    analysis is applied throughout society, in business m finance and government but also in crime,
    education, the family, health, law, politics religion, social institutions, war and science. At the turn of the
    21st century, the expanding domain of economics in the social sciences has been described as economic
    imperialism.

    Modern Economics makes two assumptions about people's desires for material goods and services.

    First, they are insatiable. No matter how many goods and services people have, they still want more.
    Today, even the poorest Indians have more goods and services than could have possibly been imagined
    by people living 200 years ago. Yet, we still desire more and more. second, they are rational. People's
    desires are not to be questioned.

    In order to satisfy their desires for consumer goods, the people, in the society must engage in
    production. To produce, people begin with natural resources. Nature provides land, minerals, trees,
    water, fish, animals, and so forth. Usually the people must do something to these natural resources to
    satisfy their desires harvest the fruits and vegetables, dig the minerals, cut the trees, catch the fish, and
    forth.

    the Productive contribution made by the people is called labour. However with natural resources and
    labour alone, the society will not be able to satisfy the desires of the people very well. From earliest
    times, people have learned that they could satisfy their desires better by taking some of the natural
    resources and converting them into a from that will not meet desires today but which will allow greater
    production in the future. Thus, wood and iron are used to make a hammer. The hammer is not desired
    by anyone for its own sake, but it allows people to build more of those things they do desire.

    History of economic thoughts:

    Economics is the discipline that concerns itself with economics form how organizations produce
    goods and services to how they consume them. It has influenced world economics at many
    important junctions thorught history and is a vital part of the everyday lives. The statement that
    guide the study of economics have changed dramatically throughout history.

    Adam smith is widely credited for creating the field of economics; however he was inspired by
    French writers, who shared his hatred of mercantilism. In fact the first methodical study of how
    economics work was undertaken by these French physiocrats. snith took

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