FOUNDATION COURSE PAPER - 3 Study Note - 1 BASIC CONCEPTS OF ECONOMICS 1.1 DEFINITION AND SCOPE OF ECONOMICS There are 4 definitions of Economics. (1) Wealth Definition:…

Business Economics 1 What is economics? study of how people choose to use resources. Resources include the time ,talent of people, the land, buildings, equipment, and other…

1. 1DEMAND ANALYSIS DEMAND DETERMINANTS, LAW OF DEMAND AND ITS EXCEPTIONS Introduction: The scope of economics broadly comprises 1. Consumption: - it deals with the behaviour…

1. The Scope and Method of Economics “ Economic is the science of the administration of scarce resources in human society.” 2. Readings Lange, Oliver.(1945). The Method…

1. Managerial Economics - I F.Y.B.M.S. – SEM II 2. WHAT IS MANAGERIAL ECONOMICS?The application ofeconomic analysisto evaluateBusiness decisionsSucheta Pawar 3. WHAT IS…

1. Lecture 1Nature of EconomicsDefinitions 2. Difficult to Define• Economists like Pareto, Myrdal andHutchinson think that any search for a precisedefinition of Economics…

Slide 1© 2010 Pearson Addison-Wesley Managerial Economics - Lecture 1 Dr. Abdullah Alharbi Basic Concepts of Economics Introduction: Slide 2 © 2010 Pearson Addison-Wesley…

Slide 1What Is Economics? CHAPTER 1 Slide 2 After studying this chapter you will be able to Define economics and distinguish between microeconomics and macroeconomics Explain…

Slide 1WHAT IS ECONOMICS? 1 CHAPTER Slide 2 Objectives After studying this chapter, you will be able to: Define economics and distinguish between microeconomics and macroeconomics…

Slide 1© 2010 Pearson Addison-Wesley Slide 2 Slide 3 Definition of Economics All economic questions arise because we want more than we can get. Our inability to satisfy…