first sessesion- ch#1 - I ntr oduction to Economics • 1....

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Unformatted text preview: I ntr oduction to Economics • 1. Or i gin of Economics • 2. What Economics i s al l about? (Concepts & Defini tions) • 3. Signi ficance/Advantages of Economics • 4. Economic Theor y • 5. Economics as Science • 6. Economic Laws • 7. Economic Pr obl ems • 8. Pr oduction Possibility Cur ve • 9. Concept of Oppor tunity Cost • 10. Mi cr oeconomics • 11. Limitations of Economics • 12. Mor e Reasons to Study Economics • 13. The Scope of Economi cs • 14. The Method of Economics • 15. H ow to Read and Under stand Gr aphs 1. Or igin of Economics 1. Or igin of Economics Our activities to gener ate income ar e ter med as economic activities, which ar e r esponsible for the or igin and development of Economics as a subject. Or iginated as a Science of Statecr aft. Emer gence of Political Economy. 1776 : Adam Smith (Father of Economics) – Science of Wealth Economy is concer ned with the pr oduction, consumption, distr ibution and investment of goods and ser vices. 2. What Economics is all about? Stages & Definitions of Economics Wealth Definition (Adam Smith) Welfar e Definition (Ayr ed Mar shall) Scar city Definition (L. Robbins) Gr owth Or iented Definition (Samuelsons ) N eed Or iented Definition (Jacob Viner ) a. Wealth Concept : Adam Smith, who is gener ally r egar ded as father of economics, defined economics as “ a science which enquir es into the natur e and cause of wealth of nation”. H e emphasized the pr oduction and gr owth of wealth as the subject matter of economics. Char acter istics : # Takes into account only mater ial goods. Cr iticism of Wealth Or iented Definition : # Consider ed economics as a dismal or selfish science. # Defined wealth in a ver y nar r ow and r estr icted sense which consider s only mater ial and tangible goods. # H ave given emphasis only to wealth and r educed man to secondar y place in the study of economics. b. Welfar e Concept : Accor ding to A. Mar shall “Economics is a Accor ding to A. Mar shall “Economics is a study of mankind in the or dinar y business of life; it examines that study of mankind in the or dinar y business of life; it examines that par t of individual and social action which is most closely par t of individual and social action which is most closely connected with the attainment and with the use of mater ial connected with the attainment and with the use of mater ial r equisites of well being. Thus, it is on one side a study of wealth; r equisites of well being. Thus, it is on one side a study of wealth; and on other ; and mor e impor tant side, a par t of the study of man. and on other ; and mor e impor tant side, a par t of the study of man. Char acter istics of Welfar e Definition Char acter istics of Welfar e Definition : # I t is pr imar ily the study of mankind....
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This note was uploaded on 04/21/2011 for the course ISLAMIC BA 10010 taught by Professor Shamim during the Spring '11 term at Karachi Institute of Economics & Technology.

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first sessesion- ch#1 - I ntr oduction to Economics • 1....

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