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AL AZHAR UNIVERSITY FACULTY OF COMMERCE “BASIC CONCEPTS OF ECONOMICS” Department of Economics Dr. OMNIA Z. SHABANA
2 2 CONTENTS Subjects Page CHAPTER (1): STUDY OF ECONOMICS 3 Chapter (2): DEMAND AND SUPPLY 8 CHAPTER (3): THEORY OF PRICE 13 CHAPTER (4): ELASTICITY OF DEMAND AND SUPPLY 17 CHAPTER (5): UTILITY MAXIMIZATION: INDIVIDUAL'S CHOICE 23 CHAPTER (6): PRODUCTION COSTS AND REVENUES 27 CHAPTER (7): PERFECT COMPETITION 31 CHAPTER (8): MONOPOLY 34 CHAPTER (9): DEFINITIONS OF ECONOMIC GROWTH.BUSINESS CYCLES, UNEMPLOYMENT, INFLATION, AND NATIONAL INCOME ACCOUNTING 37
3 3 CHAPTER (1) STUDY OF ECONOMICS The first chapter introduces the importance of studying economics. It first defines the subject and then looks at some simple theoretical models that economists use for making sense out of the economy. A. Defining Economics: Several definitions of economics are in use today. The most widely used definition describes economics as the " study of the allocation of scarce resources among alternatives and uses. Resources are scarce, they are not enough available to satisfy all human wants and desires. The amount of land labor, and capital that is available and the technology that exists for using them limit what society can produce. These scarce resources can be directed to many alternative uses, For example a society may choose to have television sets or automobiles or clean air or beautiful cities. In fact a society is likely to choose some combination of all of those desirable uses for its
4 4 resources. Economists are particularly interested in studying how those choices are made. A second definition describes economics as the "study of the ways in which choices are made". Not only does society choose how its resources are used through governmental decisions only, but more importantly the people in that society also make a wide variety of decisions. They choose what to buy which their incomes, how to spend their leisure time, how many to have and so on. Beyond these personal decisions, people also make choices in their jobs. A manager of a firm for example must decide which techniques ’to use ad which resources to obtain(both labor and raw materials) to made the fir’s product. (B) Microeconomics: The study of the economic choices individuals and firms make and how those choices create markets. (C) Macroeconomics The study of the aggregate state of the economy with specific focus on problems associated with this state- the problems of growth, business cycles, unemployment and