Economic Goods and Fathers

Ap 1

Economic Goods

They are the things that have value or price like food, clothing, and shelter

Microeconomics

It is the centered in studying the small unit of the economy

Marcroeconomics

It is the study of the behavior of the entier economy. It focuses on the aggregate activities of the government, industry, and households.

Economics

It was known as political economy.

Adam Smith

Father of Modern Economics

Laissez Faire/ Let Alone Policy

Policy that stressed that government should not interfere with the activities of man towards the free market. They should instead, concentrate on maintaining peace and order in the country.

David Rigacrdo

He is known for his brilliant ideas about the effects of natural resources, like land, in the development of the economy

Thomas Robert Malthus

He discussed the effects of rapid increase in population. He wrote the "Malthusian Theory"

Malthusian Theory

It pointed out that if the population increases rapidly than the supply of food, it can cause famine and will affect the economic activities of man.

John Maynard Keynes

1. Father of Macroeconomics

2. Father of Modern Theory of Employment

3. The government plays a significant role in maintaining equilibrium in the economy through public spending and keeping the balance among demand, supply, and the market prices

Karl Marx

1. Father of Communism

2. Poverty of the proletariat or workingn class is caused by abusive practices of the rich capitalists that safeguard their own selfish interests and their accumulation of wealth

2. Advocate of Communism

Das Kapital

A book that contains the teachings of communism

Sociology

It is the science that studies the consumption of society, social relationships, and social institutions

Political Science

The study of government structure, functions, responsibilities, and laws is vital because all of these affect and influence our lives and economy as a whole

History

It is the recorded struggle of and progress made by a man from the past to the present

Ethics

It is about the morals of an individual and doing what is right in life

Psycholofy

It is the scientific studyt of the mind and how it influences human behavior

Geography

It is about the study of physical features of a country as well as its product and population which affects the economic activities of man

Physics

It is the study of matter and energy. Technology, invention, and innovation are the outcome of scientific studies

Chemistry

It is focused in the study of composition of chemicals for the creation of variety goods

Biology

It is the study of living things like humans, animals, and plants

Mathematics

It is the science of number and their operations

Statistics

It is the science of learning from data

Scientific Method

It is used in analyzing the said issues or problem of the economy

Individual Choices

These are decisions made by the people acting separately from one another

Social Choice

It is the decision made by the government to satisfy the needs of the society

Opportunity Cost

It refers to the value of alternate given up to obtain another item

Trade-off

It is when you give up or sacrifice one product for another

Benefit

It is what you gain from clothes