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"Economics" by JonDaVeryBest
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ECONOMICS
Chapter 1:
Concepts of Economics
Part 1: Human beings as social beings and economic beings
Phillips Institute of Business
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Chapter 1: Concepts of Economics (Part 1)
§u§§
Economy is the most common term we hear in everyday life, especially when it comes to broadcasted news on the television. Generally, all news relates the situation to
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economic terms.
And therefore, arises a science that studies the situation, namely Economics.
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Economic Consepts
a. Economic problems
- needs
- priority scale
- opportunity costs
b. Understanding the
meaning of
- Economy
- Economic Sciences
c. Motives, principles,
and actions
- Economic motives
- Economic principles
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- Economic actions
-------------------Keywords: Social beings, economic beings, economy, economic sciences, economic motives, economic pincirples, economic actions, scarcity, selections, needs, demands, priority scales, opportunity costs
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Part 1: Human beings as social beings and economic beings
On one hand, humans need the help of others.
On the other hand, human beings are faced with various needs that must be met.
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Humans have various differences, both physical and personality.
1. Human beings as
Social beings
Basically, humans cannot live alone.
You need a doctor when you are sick, need friends to share stories, and many other examples
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related to the help of other humans.
-------------------Economic Info
Humans are social beings or also called homo socialis.
-------------------
Humans have social and independent traits, but the independant trait is only
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valid at certain moments.
It is not a basic and permanent personality attached to each individual, because man must be in touch with other human beings in life.
2. Human beings as
Economic beings
Humans have many needs, such as
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foods, drinks, clothing, vacations, education, and health.
The need is not limited because if one needs are met, then there will be other needs that must be met.
That means, humans never feel maximum satisfaction.
For example, when a businessman borrows
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$10,000.00, it can be used for expenditure, but when the loan is raised to $12,000.00 then the businessman will try to keep some of his loan and improve the quality or quantity of his purchases. This shows that humans are economic beings or
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homo economicus, meaning that people are always trying to improve the quality of life and optimize their neccessities of life. For example, for Phillips Zachary, a fast car is indispensable in supporting his very high personal mobility. This is also
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supported by his high income. However, for ordinary low-income people, a fast car is not a core need.
-------------------Economics Info
Humans as economic beings are always trying to optimize their needs, and is also called homo economicus
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3. Balancing the role
of Homo Socialis and
Homo Economicus