Home ECONOMICS FORM 5 & 6 ECONOMICS 2 FULL NOTES FORM 5 AND 6

ECONOMICS 2 FULL NOTES FORM 5 AND 6

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ECONOMICS 2 ECONOMICS 1 FULL NOTES

ECONOMICS 2 FULL NOTES FORM 5 AND 6

What Is Economics?

Economics is a social science concerned with the production, distribution, and consumption of goods and services.

It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.

The building blocks of economics are the studies of labor and trade.

Since there are many possible applications of human labor and many different ways to acquire resources

It is the task of economics to determine which methods yield the best results.

Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

TOPIC 11:
ENVIRONMENTAL ECONOMICS 
TOPIC 12:
NATIONAL INCOME
TOPIC 13:
PUBLIC FINANCE
TOPIC 14:
FINANCIAL INSTITUTION
TOPIC 15:
MARKETING AND DISTRIBUTION
TOPIC 16:
INTERNATIONAL TRADE 
TOPIC 17:
ECONOMIC INTEGRATION AND COOPERATION
TOPIC 18:
ECONOMIC PLANNIN
TOPIC 19:
STRUCTURE OF TANZANIA ECONOMY 
TOPIC 20:
ECONOMIC GROWTH AND DEVELOPMENT

KEY TAKEAWAYS

Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

See also  TOPIC 8: POPULATION ~ ECONOMICS FORM 5

Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.

Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.

Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).

Capitalism, socialism, and communism are types of economic systems.

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ADVANCED LEVEL FULL NOTES ON ALL SUBJECTS (FORM 5 AND 6)
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