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    Bacc 1

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    Verginia Mendoza
    The document outlines 4 main topics: 1) It identifies the 4 categories of resources: land, labor, capital, and entrepreneurship. 2) It describes the divisions of economics into microeconomics and macroeconomics. Microeconomics focuses on individual decisions while macroeconomics analyzes large-scale economies. 3) It lists the 4 types of economics: house economics, business economics, natural economics, and international economics. 4) House economics covers family and consumer topics. Business economics studies corporate issues. Natural economics uses direct bartering rather than money. International economics examines international trade and transactions between countries.

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    Bacc 1

    Uploaded by

    Verginia Mendoza
    62 views2 pages
    The document outlines 4 main topics: 1) It identifies the 4 categories of resources: land, labor, capital, and entrepreneurship. 2) It describes the divisions of economics into microeconomics and macroeconomics. Microeconomics focuses on individual decisions while macroeconomics analyzes large-scale economies. 3) It lists the 4 types of economics: house economics, business economics, natural economics, and international economics. 4) House economics covers family and consumer topics. Business economics studies corporate issues. Natural economics uses direct bartering rather than money. International economics examines international trade and transactions between countries.

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    The document outlines 4 main topics: 1) It identifies the 4 categories of resources: land, labor, capital, and entrepreneurship. 2) It describes the divisions of economics into microeconomics and macroeconomics. Microeconomics focuses on individual decisions while macroeconomics analyzes large-scale economies. 3) It lists the 4 types of economics: house economics, business economics, natural economics, and international economics. 4) House economics covers family and consumer topics. Business economics studies corporate issues. Natural economics uses direct bartering rather than money. International economics examines international trade and transactions between countries.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    62 views2 pages

    Bacc 1

    Uploaded by

    Verginia Mendoza
    The document outlines 4 main topics: 1) It identifies the 4 categories of resources: land, labor, capital, and entrepreneurship. 2) It describes the divisions of economics into microeconomics and macroeconomics. Microeconomics focuses on individual decisions while macroeconomics analyzes large-scale economies. 3) It lists the 4 types of economics: house economics, business economics, natural economics, and international economics. 4) House economics covers family and consumer topics. Business economics studies corporate issues. Natural economics uses direct bartering rather than money. International economics examines international trade and transactions between countries.

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    Danica Khim B.

    Cabrales

    BSAB - 1M

    1. Four categories of resources.

     Land or natural resources- land is not just real estate. It is any natural


    resource found in nature that can be used to produce goods and services. The land
    category includes things like trees, plants, livestock, wind, sun, water and minerals.
     Labor or human resources- labor refers to any human contribution, either physical or
    intellectual. Labor takes a natural resource from its original condition and transforms it
    into a capital good.
     Capital- Money is not a resource. By economic definition, resources must be
    productive, and money does not do that. Money is a means to move the economy, but
    by itself, it doesn't produce anything. Money is used to acquire the productive
    resources that are used to produce goods and services.
     Entrepreneurship- is the creativity required to bring all of a company’s resources
    together to produce a good or service that is sold in the marketplace. In a sense,
    entrepreneurship is a special form of labor.

    2. Division of economics.

     Microeconomics- the prefix “micro-,” meaning “small,” in the word “microeconomics”


    refers to the basic, small-scale economic behaviors and decisions that economists in
    this field study. Microeconomics examines the impact that economic choices made
    by individuals, businesses and industries have on resource allocation and the supply
    and demand of goods and services in market economies. Because supply and
    demand determine the price of goods and services, microeconomics also studies
    how prices factor into economic decisions, and how those decisions, in turn, affect
    prices.
     Macroeconomics- the prefix “macro-,” meaning “big,” in the word “macroeconomics”
    refers to how economists in this field analyze the structure and function of large-
    scale economies as a whole, whether regional, national or global. Macroeconomics
    examines the complex interplay between factors such as national income and
    savings, gross domestic product, gross national product, consumer and producer
    price indexes, consumption, unemployment, foreign trade, inflation, investment and
    international finance. Economists in this field seek to understand fluctuations in
    business cycles and the elements that contribute to long-term economic growth,
    which are vital to the creation of sound economic policies by governments and
    businesses.
    3. Four types of economics

     House economics- or family and consumer sciences, is today a subject


    concerning human development, personal and family finance, housing and interior
    design, food science and preparation, nutrition and wellness, textiles and apparel, and
    consumer issues.
     Business economics- is a field of applied economics that studies the financial,
    organizational, market-related, and environmental issues faced by corporations.
     Natural economics- is a type of economy in which money is not used in the transfer of
    resources among people. It is a system of allocating resources through direct bartering,
    entitlement by law, or sharing out according to traditional custom. In the more complex
    forms of natural economy, some goods may act as a referent for fair bartering, but
    generally currency plays only a small role in allocating resources.
     International economics- is concerned with the effects upon economic activity from
    international differences in productive resources and consumer preferences and the
    international institutions that affect them. It seeks to explain the patterns and
    consequences of transactions and interactions between the inhabitants of different
    countries, including trade, investment and transaction.

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