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    BSBA-Economi - Basic Microeconomics: Summer Sem Ter 2019

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    DESIREE ROSE BIEN MACAIRAN
    This document provides an overview of basic microeconomics concepts taught in a summer course. It defines economics and microeconomics, and outlines key microeconomic concepts like the four factors of production, firms, households, government, product and resource markets. It also summarizes the laws of supply and demand, including the determinants of each, and defines price ceilings and floors as tools used by governments to intervene in markets.

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    BSBA-Economi - Basic Microeconomics: Summer Sem Ter 2019

    Uploaded by

    DESIREE ROSE BIEN MACAIRAN
    25 views4 pages
    This document provides an overview of basic microeconomics concepts taught in a summer course. It defines economics and microeconomics, and outlines key microeconomic concepts like the four factors of production, firms, households, government, product and resource markets. It also summarizes the laws of supply and demand, including the determinants of each, and defines price ceilings and floors as tools used by governments to intervene in markets.

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    notes in Basic Microeconomics

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    BmicroNotes

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    This document provides an overview of basic microeconomics concepts taught in a summer course. It defines economics and microeconomics, and outlines key microeconomic concepts like the four factors of production, firms, households, government, product and resource markets. It also summarizes the laws of supply and demand, including the determinants of each, and defines price ceilings and floors as tools used by governments to intervene in markets.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    25 views4 pages

    BSBA-Economi - Basic Microeconomics: Summer Sem Ter 2019

    Uploaded by

    DESIREE ROSE BIEN MACAIRAN
    This document provides an overview of basic microeconomics concepts taught in a summer course. It defines economics and microeconomics, and outlines key microeconomic concepts like the four factors of production, firms, households, government, product and resource markets. It also summarizes the laws of supply and demand, including the determinants of each, and defines price ceilings and floors as tools used by governments to intervene in markets.

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    BSBA-Economi | Basic Microeconomics 


    SUMMER SEM TER 2019 
    INSTRUCTOR: Mr. Raymund Malapitan 
     

    April - May 2019 

    ECONOMICS 
    - A Social Science which deals with human behavior towards Production, 
    Consumption and Distribution with proper allocation of scarce resources 
    to satisfy the unlimited needs and wants of man. 

    TYPES OF RESOURCES:  TYPES OF DEMAND: 

    ● Limited resources  ● Needs 


    ● Unlimited Resources  ● Wants 

    TYPES OF PRODUCTS:  PROPER ALLOCATION must be: 

    ● Goods  ● E ective 
    ● E cient 
    ● Services 

    FACTORS OF PRODUCTION 
    ❏ Capita   ❏ Labor 
    - It is Used to produce another  - The time and effort exerted in the 
    product.  process of production. 

    ❏ Lan   - HUMAN ATTRIBUTES:


    - Natural resources.  - Intellectual Attributes 
    ❏ Entrepreneurship  - Emotional Attributes 
    - The product in Combining ideas with 
    - Spiritual Attributes 
    another factor. 
    - Physical Attributes 
     

     
    1 
     

     
     

    MICROECONOMICS 

    - A portion of a whole and an economic unit a ecting its own industry. 

    Government  Firm 

    - can only operate by means of taxes.  - Represents di erent types of industry. 


    Regulates the society by services and 
    Resource Market 
    infrastructure. Exists because of the things 
    the household demands.  - May not be identi es as a speci c place. It is 
    just a thought or an idea that it exists where 
    Household 
    the resources are available. 
    - Pays the gov’t personal taxes, service and 
    infrastructure. 

     
    2 
     

     
     

    Product Market 
    ● Invisible market: ● Physical/Structural Market
    ○ imparted as a Principle, exists when  ○ A place, facility or infrastructure 
    a seller and a buyer meet and  where the product is present. 
    transact business but only the idea  ■ Perfect Competition 
    is present and the product may not  ■ Oligopoly 
    be. ■ Monopoly 
    ■ Monopolistic Competition 

     
    LAW OF DEMAND 
    3 Statements to Remember!  Determinants of Demand: 
    ★ If the Price of the commodity goes  ➔ Income 
    down, the Willingness to buy goes  ➔ Population 
    up.  ➔ Taste 
    ★ The relationship between Price and  ➔ Consumer’s Future Expectations 
    Quantity is negative,  ➔ Change in the Price of related 
    opposite/inverse.  goods*(Substitute & Complementary) 
    ★ Ceteris paribus*all things remain constant 

    Law of SUPPLY
    3 Statements to Remember!  Determinants of Demand: 
    ➔ Change in the number of 
    ★ If the Price of the commodity goes 
    Producers 
    down, the Willingness to produce 
    ➔ Change in the price of Raw 
    goes up. 
    Materials 
    ★ The relationship between Price and 
    ➔ Producer’s Future Expectations 
    Quantity is positive, 
    ➔ Technological Improvement 
    direct/immediate. 
    ➔ Change in the Price of related 
    ★ Ceteris paribus*all things remain constant 
    goods*(Substitute & Complementary) 
     

     
    3 
     

     
     

    ❏ PRICE CEILING 
    Price Tools  - a legal maximum price that 
    can be sold to the market. 
    - used bY the Gov’t to intervene Causes shortage. 

    with the irregular market ❏ PRICE FLOOR 


    - a legal minimum price that 
    price. Only a temporary
    can be sold to the market. 
    market price.  Causes surplus. 

     
      

     
    4 

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