CAUTION: Explanations and concepts are explained according to how (I) understood the terms. Add more ideas.

Dont reveal who made this. 1. Economics a study of how individuals and society generally make choices that involve the use of scarce resources from among alternative wants that need to be satisfied 2. Oikonomia the world in which the term economics was derived, it is a Greek term meaning law of the house or household management houses (families) are the building blocks of society, and how we manage our houses also reflects on how the country manages its own resources (Macroeconomic-microeconomic concept) 3. Gerardo Sicat he is a Professor of Economics Emeritus at the University of the Philippines School of Economics, who earned his Ph.D in Economics from the Massachusetts Institute of Technology in 1963 (hes the guy that authored our book) 4. Fundamental Economic Problem Fundamentally, human beings have many wants that could be satisfied only at the sacrifice of other wants or resources. There is a price for obtaining or satisfying those wants: giving up some other resources. Gerardo Sicat, Elementary Economics I Simply put, with the constant change in demands from individuals, some resources are given up to give way into resources that are in-demand in the market 5. What are the basic economic questions? What goods and services should be produced? (asks for what is in demand in the market) How should these goods and services be produced? (concerns production and costs) Who consumes these goods and services? (looks for target consumers) 6 7 Macroeconomics vs Microeconomics A, Macroeconomics a branch of economics that deals with aggregate economic behavior through understanding the relationship between consumption, saving and income Examines economy-wide phenomena, like changes in unemployment, GDP and price levels B. Microeconomics a branch of economics that deals with the market behavior of individual consumers to understand decision-making processes of firms and households Concerns: interactions between buyers and sellers, like factors that influence their choices in buying and selling

In short, while Macroeconomics focuses on the countrys economic growth and trend, Microeconomics aims to discover what affects each individuals decision on the markets supplies and demands, which, in turn, affect the country in a bigger scale. 8 10 Graphs A. Bar Graphs used to compare things between different groups; may also be used to track large changes over time B. Pie Graphs for comparing parts of a whole C. Line Graphs for showing trends and keeping tracks of changes that happen over time [Assignment Quiz - Vince Nieva] Sources: Sicat, Gerardo P, Elementary Economics I, http://www.mindtools.com/pages/article/Charts_and_Diagrams.htm, http://www.slideshare.net/dewert/answering-the-three-economic-questions, http://nces.ed.gov/nceskids/help/user_guide/graph/whentouse.asp, http://www.russianorthodoxchurch.ws/01newstucture/pagesen/articles/vlarina.html, http://economics.about.com/cs/studentresources/f/microeconomics.htm, http://www.investopedia.com/terms/m/microeconomics.asp, http://www.sciencedaily.com/articles/m/microeconomics.htm, http://www.investopedia.com/terms/m/macroeconomics.asp, http://newoikonomia.com/oikonomia/,