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1、Welcome to the Economics World ! INTRODUCTION TO ECONOMICS BIZ Club Will BASIC RULES OF THE COURSE Feel free to ask any questions about the course content at any time. Feel free to discuss with me. Feel free to point out if you cannot get me. ECONOMICSITS NATURE Economics aims to explain how economi

2、es work and how economic agents interact. Economic analysis is applied throughout society, in business, finance and government, but also in crime,3 education,4 the family, health, law, politics, religion,5 social institutions, war,6 and science.7 The expanding domain of economics in the social scien

3、ces has been described as economic imperialism. 8 BRANCHES OF ECONOMICS Common distinctions are drawn between various dimensions of economics. The primary textbook distinction is between microeconomics, which examines the behavior of basic elements in the economy, including individual markets and ag

4、ents (such as consumers and firms, buyers and sellers), and macroeconomics, which addresses issues affecting an entire economy, including unemployment, inflation, economic growth, and monetary and fiscal policy. MAIN SYLLABUS CONTENT IN INTRODUCTORY ECONOMICS Basic economic problem How the market wo

5、rks(allocation of resources)The individual as producer, consumer and borrowerThe private firm as producer and employer CHAPTER ONE BASIC ECONOMIC PROBLEM LEARNING OBJECTIVE At the end of this chapter, you will be able to define Nature of the economic problem define Factors of production Things that

6、are essential to survive/ for living There are five basic needs: List the things you think are necessary for surviving Things we would like to have, but can survive without them Our wants are unlimited, e.g. a holiday!List the things you think are not necessary for surviving but you like to buy/own

7、Are satisfied by Resources on the earth Resources Unlimited/ infinite wants Limited/ scarce Resources of Production : resources needed to produce goods or services. they are in limited supply. n : Natural resources (eg. Farmland, rainforest, coal, crop, sea, fish ) n : all mental and physical human

8、resources (eg. Steel worker, bank manager ) n : man-made good which helps to produce many other goods and services in the future (eg. Finance, Machinery, equipment, offices, railways) n : the skill and risk-taking ability of an entrepreneur who organize the other three factors of production together

9、 LAND: GIFTS OF NATURE AVAILABLE FOR PRODUCTION The supply of land : renewable vs. non-renewable The mobility of land occupationally : be changed for different uses geographically : moving form one location to another location LABOUR: ALL HUMAN EFFORT Supply of labour Number of workersNumber of work

10、 hours The size of the populationThe age structure of the populationThe retirement age The school leaving age Attitude to working women Productivity: output per worker hour mobility of labour Geographical immobilityOccupational immobility CAPITAL: HUMAN-MADE GOODS USED IN PRODUCTION Capital goods Su

11、pply of capital gross investment : total value of output of capital goods produced depreciation : the fall in the value of capital goods net investment : extra capital goods made = gross investment depreciation Mobility of capital geographical occupational : are things that you can touch : are thing

12、s that you cannot touch Goods and Services Consumer Goods and ServiceProducer/ capital Goods and Service Single Use : Chocolate barDurable: ChairSingle Use: Raw material Durable: Machinery SUMMARY The economic problem of scarcity Peoples needs and wants Factors of production: land, labour, capital, enterprise