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Summary
TLDRDr. Josephine C. Evangelista introduces the principles of economics, emphasizing the concept of scarcity and the importance of decision-making. She explains that economics studies the production, distribution, and consumption of goods and services, aiming to satisfy unlimited human wants with limited resources. The video touches on the relationship between economics and other social sciences, the scientific method in economic studies, and the use of tools like the production possibility frontier (PPF) to illustrate economic choices and opportunity costs.
Takeaways
- 📚 Economics is a social science that studies the production, distribution, and consumption of goods and services.
- 🌐 Scarcity is a fundamental concept in economics, arising from unlimited human wants and needs contrasted with limited resources.
- 🏡 The term 'economics' originates from 'oikonomikos,' which means household management, emphasizing the household as a basic unit of society.
- 🤔 Economics is about decision-making, helping individuals and entities allocate resources efficiently to satisfy their unlimited wants and needs.
- 🔗 Economics is interconnected with other social sciences such as history, geography, political science, philosophy, and mathematics.
- 📈 The Production Possibility Frontier (PPF) is a tool used in economics to illustrate the concept of opportunity cost and decision-making under scarcity.
- 📊 PPF is a graphical illustration showing the various combinations of goods that can be produced with given resources, highlighting the trade-offs involved.
- 💼 Dr. Josephine C. Evangelista emphasizes that economics is not just a positive science but also an ethical one, concerned with what ought to be in the economic sphere.
- 🧮 Mathematics plays a significant role in economics, with concepts like algebra and calculus used to analyze complex economic models and data.
- 🌐 Economics is a science that follows a systematic approach, including problem identification, hypothesis formulation, data gathering, analysis, and drawing conclusions.
Q & A
What is the main concept introduced by Dr. Josephine C. Evangelista in the beginning of the lecture?
-Dr. Evangelista introduces the concept that there is no such thing as abundance, which is why economics is necessary. She emphasizes that economics is about decision-making in a world of scarcity.
How does Dr. Evangelista define economics?
-Economics is defined by Dr. Evangelista as a social science that deals with the proper allocation and efficient utilization of scarce productive resources to produce goods and services for the maximum satisfaction of unlimited human wants and needs.
What is the origin of the word 'economics' according to the lecture?
-The word 'economics' originates from the Greek word 'oikonomia', which means household management.
Why is economics considered a social science?
-Economics is considered a social science because it deals with the study of man's life and how he lives with other people, considering that people have unlimited wants and needs, and that resources are limited.
How does Dr. Evangelista relate economics to other social sciences like history and geography?
-Dr. Evangelista relates economics to history by stating that history provides material for economic analysis and has been influenced by economic factors. She relates economics to geography by explaining how a favorable geographic location can affect a place's economy.
What is the role of politics in economics as mentioned by Dr. Evangelista?
-Dr. Evangelista mentions that politics and economics come hand in hand, citing John Maynard Keynes, and explains that an economy can be influenced by political decisions and policies.
How does Dr. Evangelista link philosophy to economics?
-Dr. Evangelista links philosophy to economics by discussing how philosophers like Karl Marx and Milton Friedman have intertwined economic and philosophical ideas in their works.
What is the significance of mathematics in economics as discussed in the lecture?
-Mathematics is significant in economics for various calculations, such as algebraic expressions and calculus, which are used to compute economic indicators like GDP.
What role does ethics play in economics according to Dr. Evangelista?
-Ethics plays a role in economics as it is considered a social science of moral conduct. Economists today hold that economics is an ethical science as well as a positive science, concerned with what ought to be in the economic sphere.
What is the significance of scarcity in economics and how does it relate to decision-making?
-Scarcity is the main problem in economics, and it forces individuals and entities to make choices. Dr. Evangelista explains that scarcity leads to the concept of opportunity cost, which is the cost of the next best alternative that is foregone when making a decision.
What is the Production Possibility Frontier (PPF) and how does it relate to economic decision-making?
-The Production Possibility Frontier (PPF) is a graphical tool that illustrates the different combinations of goods that can be produced with a given amount of resources. It helps in decision-making by showing the trade-offs between different choices and the opportunity costs involved.
Outlines
📚 Introduction to Economics
Dr. Josephine C. Evangelista, also known as Dokca, introduces the principles of economics. She emphasizes the scarcity of resources and the need for decision-making in our daily lives. Economics is defined as a social science that studies the production, distribution, and consumption of goods and services, aiming for the efficient allocation of scarce resources to satisfy unlimited human wants and needs. The importance of economics in relation to other social sciences such as history, geography, political science, philosophy, and mathematics is highlighted. The concept of scarcity is introduced as the central problem in economics, and the idea of opportunity cost is mentioned as a tool to address this problem.
🌐 Economics and Its Interdisciplinary Connections
This paragraph delves into the relationship between economics and other disciplines. It discusses how economics is influenced by and influences history, geography, political science, philosophy, and mathematics. The speaker explains that economic factors have played a significant role in historical events like wars and revolutions. The geographical location of a place can greatly affect its economy, using Pampanga as an example. The influence of politics on economics is also touched upon, referencing John Maynard Keynes. The intertwining of philosophy and economics is illustrated with examples of Karl Marx and Milton Friedman. The importance of mathematics in economics, particularly in calculations and data analysis, is also highlighted.
📊 The Science of Economics and Decision Making
The paragraph explains the scientific method in economics, which involves formulating hypotheses, gathering data, analyzing, and interpreting to reach conclusions. It emphasizes the recurring theme of scarcity and introduces the concept of the Production Possibilities Frontier (PPF) as a tool for decision-making. The PPF is graphically illustrated to show the trade-offs between two commodities, food and clothes, within a limited resource context. The idea that economics is a science of choice is reinforced, with the concept of opportunity cost being explained through the example of choosing education over a job, which involves a monetary sacrifice.
Mindmap
Keywords
💡Economics
💡Scarcity
💡Opportunity Cost
💡Production Possibilities Frontier (PPF)
💡Unlimited Wants
💡Economic Decision-Making
💡Social Science
💡Etymology
💡Ethics
💡Geography
💡Philosophy
Highlights
Introduction to the principles of economics by Dr. Josephine C. Evangelista.
Economics is the study of how society manages its scarce resources.
The concept of scarcity is central to understanding economics.
Economics involves decision-making in the face of scarcity.
Economics is derived from 'oikonomikos', meaning household management.
Economics as a social science deals with the allocation and utilization of resources.
The unlimited wants and needs of individuals lead to scarcity.
Economics is related to other social sciences like history, geography, and political science.
Economics and philosophy are intertwined, as seen in the works of Karl Marx and Milton Friedman.
Mathematics plays a crucial role in economics, particularly in calculating economic indicators like GDP.
Ethics in economics asks the question of what ought to be, not just what is.
Economics follows a scientific method, including hypothesis, data gathering, and analysis.
The production possibilities frontier (PPF) is a tool used in decision-making to illustrate opportunity costs.
The PPF curve represents the efficient use of resources to produce different combinations of goods.
Opportunity cost is the value of the next best alternative that is foregone.
Economics is a science of choice, where choices involve trade-offs and sacrifices.
Transcripts
hello my dear students
this is dr josephine c evangelista
or they call me dokca we're here
to study or i'll be here
to teach you the principles of economics
for some students it's the principle of
economics
with taxation and land reform
so to start with let's start let's all
begin with the nature
and scope of economics
there's no such thing as abundance
that's why there is economics
every day in our lives we make decisions
you as a student
you also you're also making decisions
for example i think the greatest
decision that you have made
[Music]
is what stand or what degree you are to
pursue despite of this pandemic
for us adults we have a lot of things to
decide
we have to decide for the family we are
to decide for our careers and a lot more
that's why the question is
why do we need to decide and how to deal
with
in this decision making
for us to answer this question
therefore on economics
has arise okay
let's talk about economics economics
came from the record economy
which means household management
everybody knows that household is the
basic unit of society
it is shared with the etymology of the
field of
ecology economics is a field of study
that studies the production
distribution and consumption
of goods and services
if we are to define economics it's a
social science
that deals with the proper allocation
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and efficient utilization of scarce
productive resources
to produce goods and services
for the maximum satisfaction
the unlimited technology unlimited
human wants and needs
you know with dear students economics is
a social science
yes it is because it deals with the
study of
man's life and how he lives with other
people
you cannot live without others right
and because of that
people do have unlimited wants
perhaps needs could be satisfied but
once cannot therefore
we have scarcity we have the word
scarcity because of unlimited
needs and wants of people
for example an individual told
himself that after he graduated college
he became satisfied
because he can find work
then after three years he noticed that
being bs degree holder is not enough
to be promoted then he decides to finish
master's degree
after four years this person wants to be
the
ceo or then he decides to take a
doctorate degree from this example
we can notice that people has no
satisfaction
yes
man cannot satisfy unlimited wants and
needs
because he has a limited resources
you know what made their students
economics can be related in
other social sciences like history
a history could be related in economics
in a number of ways
first it provides economic economics
with the material that
economies can then analyze
secondly history itself has been
influenced to a large extent by economic
factors indeed many wars
wars conflicts and revolutions came
about
as a result of economic dispute
likewise in geography
economics could be linked in geography
a favorable geographic location of a
specific place
may greatly affect its economy
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take for example pompanga pompanga is
geographically located in a favorable
place within centralism
airport which provides a very good
ambiance for the economic activities of
the
kapampangans
next is the political science politics
and economics come hand in hand
that's what john maynard keynes have has
mentioned he's a favorite
famous economist by the way practical
men
who believe themselves to be quiet
except
from any intellectual influence
are usually the slaves of some defunct
economist
see
an economy could be also influenced by
politics
next philosophy
philosophy and economics are closely
intertwined
for example such as karl marx
on his writings kendica digresses both
economic
and philosophical works another example
is milton friedman
he is primarily regarded as an economist
a distinct libertarian philosophy
plays a central role in his ideas
another is mathematics in economics
there are a lot of competitions
algebraic expressions calculus where to
complete gdp or the gross
domestic products and the like therefore
made their students repair
calculators and be familiar with your
calculators
another is ethics
ethics is a social science of moral
conduct
it asks the question what ought to be
there was a time when economists had
that economics was concerned only with
the question
what is and not with the question what
ought to be
but today practically all economies hold
the economics that
is an ethical science as well as well as
a positive science
that is it is concerned with what ought
to be in the economic sphere
as well as what what what
is
my dear students economics is a science
why science because
science follows us economics like
science it follows steps
first if you in the economic problem you
are to determine the formula first
then we are to make a wise guess or what
we call hypothesis
what's next we have to gather data
after gathering the data we are to
analyze and interpret it
for us to have a final conclusion and
generalization for our
findings
my dear students
the word economics and scarcity could be
mentioned so many times
in our course
you know what as we all know scarcity is
the main problem
in economics and to address this problem
economists formulate a simple tool to
determine
the opportunity cost of certain economic
activities
one of the simplest tool is the
ppe no it's not a vp it's a ppf
ppe could be for the avoidance of
kovid 19 but ppf or the production
possibilities furniture could be used
or the best tool in decision
making okay let me give you
a glimpse of what a ppf
looks like you know what my dear
students
in economics there could be a lot of
illustrations
specifically graphical illustrations
okay to give you a sample of this
this one
this is an example of a graphical
illustration
i'm making it a ppf take note this is a
p
p f okay this is a ppf
okay if you could notice we have here
clothes
and foods we have here the line
any combination within those line
could be under the badge
okay and this line can serve as short
budget
any combination for example you have
here
one two three clothes
can you see it and then one
two of food any combination
between those ppf
could be within your budget imagine in
this situation there are only two
commodities
and these commodities are food and
clothes
clothes ppf curve balls within the
origin
what i'm trying to say is that any point
along the ppf curve utilizes the same
number of resources
the higher the ppf curve the higher the
level of resources
available in the economy
okay on this example
this is my example is limited only in
two goods the
clothings and food but in reality there
are a lot of
choices okay
as soon as i mentioned there's a word
choice
economics as a science of choice white
choice
i have a lot of choices
since economics is a science then it
helps an individual
and entity to make choices as we all
know when you make choices you need to
sacrifice
for example you pick letter a you are to
sacrifice letter
b for example in your case
you opted to go to school you sacrifice
for example there's a job opportunity
you sacrificed
that job in exchange of your schooling
and the sacrifice you make is what we
call the opportunity
cost why opportunity costs for example
there is a job offering for you
salary is 10 000 per month but you opted
to go to school
therefore you're losing 10 000 monthly
because you are here studying
therefore you are losing 10 000 per
and that is what they call the
opportunity costs
you lost 10 000 in exchange of this
schooling
okay usually opportunity cost is a
combination of
both the implicit cost and the explicit
cost the explicit cost is the value
of alternative work on in terms of
monetary law it's the actual money
that you are getting out of your pocket
an example implicit cost is the cost
incurred without monetary
implicit cost is worth ten thousand
within my example because you're losing
10 000
because of your schooling instead you're
into a job
تصفح المزيد من مقاطع الفيديو ذات الصلة
Introduction to Microeconomics | Economics | Class 11 | Chapter 1
Intro: Topic 1.1 -- Scarcity & Opportunity Cost
What is Economics? An Intro to Economics
Class -11th Economic Chapter 1 Exercise Full Solution || Atul Sir || Maharashtra Board
Production Possibilities Frontier: Everything you need to know!
(1/3) The Production Possibilities Frontier – Economic Lowdown
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