Business Economics, Note And Lectures

Module 1: Nature of EconomicsOverview: This module will bring your memories back to the exciting world of economics. Before diving straight into Microeconomics, the ensuing lessons will help you better understand the scope of the course. The module will begin with a review of the basic terms in economics. This module will also differentiate microeconomics with macroeconomics and normative with positive economics. The module will end by a discussion of production and productivity.At the end of this module, you are expected to:Define and explain the basic terms in EconomicsUnderstand the meaning of scarcity and its implication to society's choicesCompare and contrast microeconomics and macroeconomics; normative and positive economicsDiscuss the factors of production and the Production Possibility CurvePre-Task1. Watch this video on "What is Economics?" LINK:https://www.youtube.com/watch?v=9ZqkecHnFpcEconomics The science that deals with the production, distribution, and consumption of wealth, and with the various related problems of labor, finance, taxation, etc.Marketplace Art ShopClothing ShopResources: A source of supply, support, or help 3 types of resourcesNatural ResourcesHuman ResourcesCapital ResourcesProduction: To produce or make somethingTangible: Able to be seen and touchedIntangible: Things that can’t be touched