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To Economics With Taxation and Land Reform: ECON 101

This document provides an introduction to economics, including definitions, the history of economics as a field, and key concepts. It explains that economics is the study of how individuals and societies use scarce resources. It then outlines the evolution of economic thought from primitive economies to modern subjects like microeconomics and macroeconomics. The document also distinguishes between positive economics, which analyzes economic systems objectively, and normative economics, which makes judgements about economic outcomes and policies.

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Shainah Melicano Sanchez
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22 views26 pages

To Economics With Taxation and Land Reform: ECON 101

This document provides an introduction to economics, including definitions, the history of economics as a field, and key concepts. It explains that economics is the study of how individuals and societies use scarce resources. It then outlines the evolution of economic thought from primitive economies to modern subjects like microeconomics and macroeconomics. The document also distinguishes between positive economics, which analyzes economic systems objectively, and normative economics, which makes judgements about economic outcomes and policies.

Uploaded by

Shainah Melicano Sanchez
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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ECON 101 :

INTRODUCTION
TO ECONOMICS
WITH TAXATION
AND LAND
REFORM
Prepared by: Shainah M. Sanchez, LPT
WHAT IS
ECONOMICS?
ECONOMICS
… is the study of how
individuals and societies
choose to use the scarce
resources that nature and
previous generations have
provided.
WHY WE STUDY
ECONOMICS?
 To learn a way of thinking
 To understand the society
 To understand global affairs
 To be an informed citizen of our country
BRIEF HISTORY
OF
ECONOMICS
A. PRIMITIVE ECONOMICS
B. EARLY WESTERN CIVILIZATION’S CONCEPT OF ECON
C. BIRTH OF MERCANTILISM
D. BIRTH OF ECONOMICS AS A SCIENCE
E. THE MARGINAL REVOLUTION
F. NEO-CLASSICAL ECONOMICS
PRIMITIVE ECONOMICS

 Basic needs of primitive man were provided through exploitation of natural


environment.

 Hunting and Fishing Stage

 Pastoralism

 Development of Agricultural stage

 As civilization developed, trade barter were defined.


EARLY WESTERN CIVILIZATION’S CONCEPT
OF ECONOMICS
 Aristotle and Plato wrote about Problems of wealth,
property and trade.

 They are both against commerce.

 The romans barrowed economic ideas from Greeks.

 During Middle Ages, Romans were expressed in the


Cannon Law
BIRTH OF MERCANTILISM
Mercantilism was an economic system of trade that spanned
from the 16th century to the 18th century. Mercantilism is
based on the principle that the world's wealth was static, and
consequently, many European nations attempted to accumulate
the largest possible share of that wealth by maximizing their
exports and by limiting their imports via tariffs.

 15th to the 18th Century, surge of the Industrial revolution

 Physiocracy of Francois Qu

 Tableau Econimique
TABLEAU ÉCONOMIQUE

First circulatory diagram explaining how a national


economy works. It was a contribution to economics by
French physician and economist François Quesnay.
Contrary to the prevailing mercantilist thought at the time,
which saw in the possession of gold, silver and other
precious metals the wealth of a country, Quesnay argued
that real wealth came from production.
BIRTH OF ECONOMICS AS A SCIENCE

Adam Smith
Thomas Robert Malthus
David Ricardo
John Stuart Mill
Karl Marx
THE MARGINAL REVOLUTION

William Stanley Jevons

Anton Menger

Leon Walras

Alfred Marshall
NEO-CLASSICAL ECONOMICS

John Meynard Keynes


BRANCHES OF
ECONOMICS
MICROECONOMIC
S
&
MACROECONOMI
CS
DIVERSITY/
FIELDS OF
ECONOMICS
1. Industrial Organizations
2. Urban & Regional Economics
3. Econometrics
4. Comparative Economic System
5. Economic Development
6. Labor Economics
7. Finance
8. International Economics
9. Public Economics
10. Economy History
11. Law and Economics
12. The History of Economic Thought
METHODS OF
ECONOMICS
• POSSITIVE ECONOMICS

• NORMATIVE ECONOMICS
POSITIVE ECONOMICS

… is an approach to economics that seeks to


understand behavior and the operation of
system without making judgements.

TYPES OF POSITIVE ECONOMICS


A. Descriptive Economics
B. Economy Theory
DESCRIPTIVE ECONOMICS
. . . the compilation of data the describe phenomena and
facts.

Example:
data coming from the National Statistics Office (NSO)
and National Statistics and Coordination Board (NSCB)
ECONOMY THEORY
. . . a statement or set of related statements
about cause and effect action and reaction.

Example:
The law of demand, stated by Alfred Marshall
in 1890
NORMATIVE ECONOMICS

. . . An approach to economics that analyses


outcomes of economic behavior, evaluates them as a
good or bad, and may prescribe courses of action.
ECONOMIC GOALS
Economic Growth
Full Employment
Economic Efficiency
Price Level Stability
Economic Freedom
An equitable distribution of income
Economic Security
Balance of Trade

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