THE IMPORTANCE OF STUDYING ECONOMICS Flashcards
(8) THE IMPORTANCE OF STUDYING ECONOMICS
•Understanding resource allocation and scarcity.
•Informed decision-making
•Shaping public policy
•Promoting economic growth and development
•Globalization and Trade
•Addressing social challenges
•Critical thinking and analytical skills
•Career Opportunities
studying how individuals, firms, and government allocate their resources whether how to address present problem like poverty, inequality, and environment sustainability.
•Understanding resource allocation and scarcity
individuals and businesses pays trade-off in everyday decisions.
•Informed decision-making
equip people with tools to make inform choices by analyzing cost, benefits, risk, and incentives.
Economists
policy maker use economic theories to address the critical
societal issues like unemployment, inflation, healthcare, education, and taxation.
•Shaping public policy
play a central role in public policy formation.
o Contribute to the base on how government should interfere in the economy.
Economic
economic knowledge is key
to pose the economic growth and improve living standard.
•Promoting economic growth and development
in business we have to connect in different countries it helps to explain the effects of trade agreements, tariff, and exchange rate.
•Globalization and Trade
economics not just about market and money, it involves ______ __________.
•Addressing social challenges
studying economics developed ________ thinking and __________ skills .
•Critical thinking and analytical skills
economics not just about market and money, it involves social challenges.
o By studying economics, we understand how to balance economic growth with social welfare, sustainability, and equity.
•Addressing social challenges
a background in economics offers out diverse opportunities in the fields like finance, consulting government, international organization academia, even politics.
•Career Opportunities
-distribution of task and duties, responsibility according to their specialization, field, degree, skills, and knowledge.
RELATIONSHIP BETWEEN PRODUCTION AND DIVISION OF LABOR
the separation of tasks in a production process.
DIVISION OF LABOR
(9) RELATIONSHIP BETWEEN PRODUCTION AND DIVISION OF LABOR
- Increased Efficiency
- Higher Production Output
- Innovation and Improvement
- Time-Saving
- Economies of Scale
- Interdependence in Production
- Adam Smith’s Pin Factory Example
- Limitations of Division of Labor
- Application in Modern Production Systems
when labor is divided each worker focuses on a particular task or set-up task.
- Increased Efficiency
nahati na yung trabaho mas napabilis at mas naging effective yung production.
o Makakapagproduced ng maraming goods in a small time.
- Higher Production Output
they find new ways to improve their specific task that can lead to innovation and benefit the entire production process.
- Innovation and Improvement
nakafocus na yung employee sa single aspects of production so nakakapagsave ng time.
- Time-Saving
the division of labor contributes to economies of scale where the cost per unit of production decreases as output increases.
- Economies of Scale
meron silang group of people sa isang trabaho para maging efficient.
- Interdependence in Production
Breakdown smaller task to produce more product. Dapat may designated work na nakaassign in each worker.
- Adam Smith’s Pin Factory Example
less motivated ang mga employee sa kanilang task (nabobored) dapat may limitation, Restructing- ilipat sa ibat ibang gawain.
- Limitations of Division of Labor
Global supply chain, advance on division of labor.
- Application in Modern Production Systems
