How we research about it?
How we find EFFECIENT- less input, more output
accountancy as OPTIMAL?
>Gather as much as information. They monopolize the study of economics to
>Accountancy is an art; interpretation of data practice other areas (decisions are based on
(reference that art is an interpretation of a resources available)
person)
Customization are demanded because of the
Generally, in a business course, it is often a concept of PERSONALIZATION
demand.
Business firms undergo lots of process to
SCARCITY- limited resources. accommodate wants, while minimizing cost.
*Consumers are limited by income, while
producers are limited by the factors of RATIONAL THINKING - considering, reasonable.
production.* We act based on reason, not basic instincts.
In our interest, time is scarcity.
MARGINAL- more you consume, the less you
WHAT goods will be produced in the are satisfied.
Philippines?
-Monkey pox vaccine UTILITY- how we use.
-Another example: the need for voters to elect
a president, deciding which food we will put in Economics- about the use of resources; the
the table. resources that we have is not ours. “the earth is
the Lord's and everything in it, the world and all
SMALL DECISIONS WILL MAKE BIG IMPACT ON who live in it". Concept of "THIS IS NOT MINE,
OUR SOCIETY THIS IS BORROWED."
>BIBLE is a testament that God is a very giving
WHAT IS IT THAT WE WANT TO ACHIEVE? god.
Influx of accountancy graduates causes low Economics- deals with our resources.
income. * A social science concerned with how
individuals, institutions and society make
Capital- machineries, equipment that are used optimal, (best) choices under conditions of
to transform resources. scarcity.
* A study of how individuals and societies
In most economy, different kinds of FINANCIAL choose to employ those resources: WHAT
services are important. goods and services will be produced, HOW THEY
WILL BE PRODUCED, and HOW THEY WILL BE
Distribution of income- Through taxes, the rich DISTRIBUTED among the members of society.
distributes the wealth to the poor. The *it is concerned with the production,
government creates subsidies, etc. to the poor. distribution, exchange, and consumption of
goods and services.
Customs are corrupt......During the time of *it focuses on the way in which individuals,
Marcos, it was stopped. While Duterte groups, business enterprises, and governments
shortened the processes. seek to achieve efficiently any economic
objective they select.
FREELANCERS are good source of economic *it studies how prices of land, labor, and capital
growth. are determined, and how these prices are used
to allocate scarce resources.
*it looks into the behavior of financial market -Business Firms
and how it allocates capital to the rest of the This serves as the economy's producing unit to
economy. satisfy human wants with goods and services
*it looks into the distribution of income and
into ways of helping the poor without causing How we look at things?
harm to the country's economic performance. Economic perspective means economic ways of
*it studies the impact on growth of government thinking. It stresses (1) resource scarcity and the
spending, taxes, and budget deficits. necessity of making choices, (2) assumption of
*it examines the movements in INCOME and rational behavior, (3) comparison of marginal
EMPLOYMENT during the different stages of the (extra) benefit and marginal cost and (4) utility.
business cycle with the goal of developing
government policies that will improve the So in everything, do to others what you would
ECONOMIC GROWTH have them do to you, for this sums up the law
*it looks at trade patterns among nations and and the prophets Mathew 7; 12
analyzes the impact of trade barriers221
*it examines GROWTH in developing countries DEMAND
and suggests ways to encourage the efficient Not always the case that all will do well to you.
use of resources.
*Economics is all around us. -Needs,
*The tools of economics are far reaching. In The willingness of consumers to buy a product a
fact, other social scientists have accused certain price. WILLINGNESS, capacity to buy.
economists of being imperialistic because their Even if you’re product is wanted, consider the
tools have been used in so many fields outside price.
the formal area of economics like crime, -Identify the market that has the means to buy
education, marriage, divorce, addiction, finance, your product.
health, law, politics and religion. -A schedule or curve that shows the various
amounts of a product.
Period could me monthly, quarterly, semi, (an
-Human wants element of time period to compare from period
This is unlimited and may vary from the needs to period.) COMPARISON.
for survival otherwise known as basic needs -Aggregate demand- economic development;
(e.g., food, clothing, and shelter) to higher talks about the whole society/whole nation,
needs for a comfortable and more meaninful what is the total demand?
life)
Law of Demand:
-Use of resources P rises, Q decrease = inverse relationship.
Man has to learn to allocate basic economic It’s a law, a standard. When you increase the
resources properly in order to maximize the price, the demand falls. Ex; increasing the price
number of wants that can be satisfied. of rice even it is a necessity.
-Technique of production There are other factors that doesn’t affect it, ex.
This shows how resources are used and Apple products.
combined in production.
Capital-intensive or labor-intensive We look on the economy based on the claim of
the price, and the market. It is not always the
-Household case due to other factors.
This is the basic consuming unit in the economy
There’s no luck, there’s learning and education
because we need to identify numbers. Good
decisions, make better decisions.
Demand curve:
Shows the relationship between price and
quantity demanded, other things equal.
It’s hard putting variables together, so we only
look on the price and quantity demanded
Change in demand
