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    001 Introduction

    Uploaded by

    Bhavya Narang

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    © All Rights Reserved
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    001 Introduction

    Uploaded by

    Bhavya Narang
    15 views9 pages

    Original Title

    001-Introduction

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    Copyright:

    © All Rights Reserved
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    15 views9 pages

    001 Introduction

    Uploaded by

    Bhavya Narang

    Copyright:

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

    Introduction

    What is Everything under the Sun is Economics. Principles of Economics apply is all
    Economics? aspects of Personal and Professional Life. Science of Wealth.

    Why Many Objectives. Important is Resources are Scarce and Diminishing,


    Economics? hence usage / application needs to be based on sound Economic Principles
    Scarcity, Cost, Allocation of Economics Resources

    Scarce All resources are scarce. Though Renewable, in Human Experience Limited
    Resources Time is the denominator

    Demand / Scarcity creates a gap in demand and supply, thus impacting many aspects
    Supply of the product, services, general economy

    Organization also has limited resources, so need to intelligently allocate,


    Allocation prioritize and generate defined outcome / result. Either Resources should
    replenish or benefit of resource utilization should be available

    Time Value Resources – Save for Future or Consume? Perishable Products and Services
    Evolution
    ECONOMIC

    MILITARY

    GOT

    KINGDOMS

    NAT
    RESOURCES

    TRIBES

    10000BC
    Example during Covid

    Show Off / Vanity

    Luxury and Substantial Lifestyle Upgrade

    Betterment of Living Style

    Maintain Decent Living

    Bare Minimum / Survival


    Generals Economic Principles of Daily Application

    All Eggs in………. Early Payment pay Discount

    Aaj Rokda, Kal Udhaar Cash Back

    Kal Kare So Aaj…. Aarya Sarin

    5 Kaa 10 Rupiya. 10 Kaa 15 Any


    Rupiya More…..
    Application to Individual Life Situation

    Savings V/s Fixed Deposits

    Advance Payment or Wait


    Any
    More…..
    Buy Groceries in Bulk or Regular
    in required Qty
    Economic Systems
    Traditional Systems Command based
    • Barter • Centralized Authority
    • People Dependent • Government / Military /
    • Cultural Orientation Ruler Commanding the
    • Limited Segregation / resources
    Specialization • Rigid Structure
    • Everyone doing Everything • Adaptation level very slow
    • Natural Organisation
    Illustration
    / Real Life
    Mixed / Combo Market Based Examples
    • Has flavor of all types • Demand and Supply
    • Private Significant V/s determinants
    Government • Regulations levels dynamic
    • Balancing Free Market and • Pure Market System
    Government Control is (Dream)
    always a challenge • Private Entities – Amass
    Power
    Summary and Recap of Key Learnings
    1 Economics is science of wealth. What is wealth, it changes or shifts all the time

    2 2 Section – Economics (1-8) and Management (9-15)

    3 Resources Scarce hence prudent allocation is important

    4 Time is common denominator and limited resources for all of us

    5 Economies retain value because of resources

    6 Single or Mixed Type of Economic Systems prevalent

    7 Economic Decisions – Common Approach- Personal or Business Decisions

    8 Internals – 5 Marks

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