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Economics It’s a social science which studies human behaviour. Individuals, companies and governments make decisions about the use of their scarce resources. The scarce resources have alternative uses so choices must be made. The Aims of Economics 1. To achieve efficient use of resources. 2. To achieve an equitable distribution of wealth. 3. To create stability in an economy. Microeconomics • Deals with individual units. • Eg. consumer, household, firm. • It deals with supply and demand. • It shows how many goods will be produced and consumed at a given market price. Price 100 Market Equilibrium 80 60 40 20 Demand Supply quantity 0 0 100 Trudie Murray © 200 300 400 500 600 700 800 Perfect Competition The Law of Diminishing Marginal Utility • states that as a consumer consumes extra units of a good, then at some stage the marginal utility will decrease. Oligopoly 4 Factors of Production • Land • Labour • Capital • Enterprise The Demand for Labour depends on... Macroeconomics • Is the study of the economic issues at national or international level. • National Income • Role of Government • Money & Banking • Inflation • Unemployment • Population • Economic Development.... The circular flow of goods and incomes Goods and services £ Consumer expenditure Wages, rent dividends, etc. £ Services of factors of production (labour, etc) • Gross Domestic Product • Gross National Product 2006 HL Q 4 (b) Reme mber! Topical issues • Industrial relations • Greece • Brexit • President Trump’s economic policy • Government budgets • Rent increases • House prices Why study economics? • It is part of our everyday lives. • It is studied as part of all business courses in third level. • May also be in Arts, Management, Engineering, Construction, Journalism and many other courses. • Relatively short course • Good choice of questions in the exam. Careers in Economics • Economist • Journalist • TV presenter • Finance & Banking • Developing Countries • You'll be pleased to hear economics comes fifth, only being beaten by Medicine, Dentistry, Chemical and General Engineering in a survey of earnings in a recent UK study.
