STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs •...
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Transcript of STATISTICS FOR ECONOMICS - IT@School · Public Sector Public Finance Economics & Statis cs •...
● Consumption● Production● Exchange● Distribution● Public Finance etc
Subject matter of Economic Theory
Principles and laws relating to :
are the subject matter of economic theory.
● Economics is a Social Science.
● It studies the Economic behaviour of Man
● It studies the relationship between ends and scarce
resources, which have alternative uses.
● Adam Smith is considered as the father of Economics.
What is Economics ?
● Scarcity is the root cause of all economic problems.
● Economic problems arise because:
● Human wants are unlimited
● Resources are limited to satisfy these wants
● Resources have alternative applicability
Why there are economic problems ?