Civics(the basic economic question - economics and the other disciplines

Production, distribution, consumption, and growth

Are the concerns of economics

What to produce

How to produce

How much to produce

For whom to produce

How to produce more overtime

The basic economic questions

What to produce

Producers must know what the market needs. This is a cruicial in determining the types of resources to be used in production. Accurate decisions will maximize the use of resources in both production and consumption.

How to produce

After determining what to produce, the next concern of producers is the PROCESS OF PRODUCTION. efficient technology maximizes the production of goods and services

How much to produce

Societies do not have all the resources they need. Surplus production could bring down prices to levels where business could get bankrupt. Shortage in production usually results to high prices. Both acute market surplus and market shortage create market instability and harm the economy

For whom to produce

Finding markets for products is an important concern of the economy. The consumers are their market.

How to produce more over time

Economic growth needs to be sustained to provide for the needs of the people over time. It is a goal that all societies strive to attain. Doing it requires discipline, hard work, creativity, patience, and endless drive for innovation and excellence.

Economics

Is a course, is not studied as an isolated subject.

The laws, theories, and principles in other sciences and disciplines.

What does economics utilizes?

Mathematics-arithmetic, statistics, geometry, and algebra--as quantative and visual tools for analysis, evaluation, and prediction.

Economic uses ------- for ---

The principles of philosopy, logic, and theology in making logical, moral, and socially acceptable decisions.

Economists apply the -----

Programs, policies, and laws that help the economy grow.

Through politics, the government formulates ---

History

It helps the economists avoid repeating the mistakes of the past.

Sociology, psychology, and anthropology

Knowledge of --- helps the economists know what the people like and dislike and what motivates them to work productively

Chemistry, physics, and biology

Have consistently produced discoveries and inventions.