Lesson 1
It refers to the study of to uses the limited resources to address the unlimited needs and wants of people to achieve satisfaction.
Economics
A universal condition where the resources are limited to satisfy the unlimited needs and wants of the people.
Scarcity
Needs
Where did the word 'Economics' come from?
Greek language: Oikos (house) / Nomos (house management)
It is the temporary lack of supply of goods caused by negative strategies.
Shortage
What do we call the things that give us pleasure and satisfy our desires?
Wants
Who is the philosopher who first introduced the concept of Economics and wrote "Oeconomicus"?
Xenophon
the action of buying large quantities of a particular product or commodity due to sudden fears of a forthcoming shortage or price increase.
Panic Buying
Who is the sociologist that claimed that each individual has different needs?
Abraham Maslow
It is focused on studying the small units of economy.
Microeconomics
Refers to the mechanism that deals with the distribution of natural resources, human resources, physical resources to address problems in scarcity.
Allocating the resources
The highest level in Maslow's hierarchy of needs
Self-actualization
An economist known for the Laissez-Faire theory and is the "Father of Modern Economics"
Adam Smith
What is one allocation mechanism that includes the technical processes and know-how in a certain field of knowledge?
Use of modern technology
What are the needs provided by the government?
Material things, freedom, dignity in life