basic concepts of economics

LECTURE 1

o Name: Prachi A. Parab

o Roll No: 46

o Class: B.Ed (2014-15)

o Methods: Economics & Mathematics

o Subject: Economics

o Std: 9

o Unit: Basic Concepts Of Economics

Pandit Rajpati Mishra College Of Education & Research

CONTENTS Introduction

Human Wants- Features & Classification

Goods- Tangible & Intangible,

Free & Economic

Resource

Scarcity of resources

LET’S SEE WHO CAN ANSWER THIS

Adam Smith is considered as the father

of

According to Prof. P.A. Samuelson

is the “Queen Of Social Sciences”.

Economics examines how people use

limited resources to satisfy their

unlimited

HUMAN WANTS

UNLIMITED

COMPLEMENTARYCOMPETITIVE

GRADABLE

VARIABLERECURRING

COMPLEMENTARY

GRADABLE

RECURRING

COMPETITIVE

VARIABLE

CLASSIFICATION OF WANTS

NECESSARIES

COMFORTS

LUXURIES

CHECK YOUR PROGRESS Which one of these are complementary ?

Which one of these are Luxuries?

Human Wants are Recurring. Explain.

GOODS Any commodity or anything which can satisfy our wants

GOODS

TANGIBLE

INTANGIBLE

FREE

ECONOMIC

EXAMPLESINTANGIBLE GOODS - cannot be seen or touched, however can be experienced. e.g. all kinds of services, goodwill etc.

FREE

TANGIBLE

ECONOMIC

RESOURCE

o It is an economic factor-A person, asset,

capital, material, or immaterial goods,

which can be used for production.

o Basic resources:

LAND, LABOUR & CAPITAL

o SCARCITY OF RESOURCES- the root cause

of all economic problems- it is necessary

to have some control on human wants

to overcome the problem.

CAPITAL

LABOUR

LAND

RECAPITULATION

Human wants are countless in number and various in kind.

Features of human wants- Unlimited, Complementary,

Competitive, Gradable, Variable & Recurring

Classification of wants- Necessaries, Comforts &Luxuries

Goods-Tangible & Intangible, Free & Non-Economic

Resources- Scarcity Of Resources is the root cause of all

economic problems.

SO, TODAY WE LEARNT ABOUT

Features of Human wants

Free & economic goods

Classification of human

wants

Resources & scarcity of resourcesTangible &

intangible goods

EVALUATION

What are Goods?

What is the root cause of all

economic problems?

What are human wants? Explain

any two characteristics.

What is the difference between

tangible and intangible goods?

What are the three basic economic

resources?

ASSIGNMENT

Make a list of ten economic and non-

economic goods found around you.

REFERENCES

Social Science part 2 Geography and Economics text book grade 9

Images- www.google.com

Glossary of Economic terms & concepts- http://www.economicswisconsin.org/