Joven Rey ferolino act2-3 FIELDS OF ECONOMICS

1.PUBLIC ECONOMICS- focuses on the role of government in the economy.What sort of goods and services should be provided by government ,and wich should be left . 2. MONETARY ECONOMICS- included all aspects of our monetary system and its impact on the overall economy. 3.INTERNATIONAL ECONOMICS- embraces all aspect of the economic relations between nation. 4. LABOR ECONOMICS-studies all issue surrounding work and pay. 5. INDUSTRIAL ORGANIZATION- examines how firms interact in markets . 6. LAW AND ECNOMICS- considers the legal institution that support economic activity. 7. COMPARATIVE ECONOMIC SYSTEM- helps us to classify and compare the economies of different nation. 8. DEVELOPMENT ECONOMICS- focuses on growth in the less development countries of the world. 9. FINANCIAL ECONOMICS- concerned w/ functioning of the stock, bonds, currency, real state, and commodities markets. Its ultimate goal is to understand what role these market play in the overall economy and what sorts of policies will help or hinder their performances.

Joven Rey ferolino act2-3

ECONOMIST
ADAM SMITH- economic is an inquiry into the nature and causes of the wealth of nation. ALFRED MARSHAL- economic is study of man in the ordinary business of life. It enquirs how he gets his income and how he uses it. Thus it is on the one side, the study of wealth and more important side , a part of the study of man. LIONEL ROBBINS- economic is the science w/c study the human behavior as a relationship between end and scarce, means w/c have alternative uses. J-B SAY- distinguishing the subject from its public policy uses defines it as the science of production , distribution and consumption of wealth. JOHN STUART MILL-economic is the science w/c traces the law of such of phenomena of society as arise from the combined operation of mankind for the production of wealth in so far are those phenomena are not modified by the pursuit of any other object.

Joven Rey ferolino act2-3

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Joven Rey ferolino act2-3

MAJOR ECONOMIC ACTIVITIES 1.PRODUCTION- oportionment of income of business enterprises to the owners / factors of production. 2.DISTRIBUTION- refers to the way total output ,income, or wealth is distributed among individuals or among the factors of production ( such as labour, land ,and capital.) 3.EXCHANGE- open, organized, market place ( such as a stock exchange) where buyer and seller negotiate prices.Exchange requires an almost instant(real time) bid and ask matching mechanism, settlement and clearing and market wide price communication and determination. 4.CONSUMPTION- is a common concept in economics and give rise to derived concept such as consumer dept. generally, consumption is defined in part by comparison to production.