Senior Faculty Member
A social science that studies
and influences human behavior
Economics is the study of what
behavior in the endeavor to
Chapter 1 & 2
Uncle Sam wants you to
do better in economics.
1. What are the 4 factors of production?
[land, labor, capital, & entrepreneurial ability]
2. What are the 3 basic questions that
determine economic syste
Basic Economic Analysis
David Epstein, Centre for
Health Economics, York
Resource use and costs
What is economics?
In health care, to allocate av
Basic Economic Concepts
Is the study of the choices one makes to
satisfy their insatiable wants
Every Choice is based on an incentive
the motivating factor behind every
choice you make (your choices are
Utility - The personal grati
Introduction to Economics
How we deal with not having
enough of stuff
Food for thought!
By graduating from high school, how much
more money will you make than someone
who doesnt graduate over your lifetime?
$283,500, or about $9,500 a year!
Nature of Economics
Difficult to Define
Economists like Pareto, Myrdal and
Hutchinson think that any search for a precise
definition of Economics is a barren enterprise
Many economists thought it is needless to
waste words in defin
The Foundation of Economics
What is Economics?
Economics is the branch of knowledge concerned with
the production, consumption and transfer of wealth.
It is the study of how scarce resources are allocated to
fulfill the infinite wants of consumers.
No government intervention
the tool of analysis, such as the Flexible prices
Marginal Analysis developed by A. Marshal.
Supply creates its own demand
Equality of savings and investment
1. Take any Ethiopian based supply chain organizations working to achieve a grand
success, closely examine the factors that would help you to develop a strategy in
Supply Chain Organizations and suggest a specific strategy for that company.