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LECTURE 1
o Name: Prachi A. Parab
o Roll No: 46
o Class: B.Ed (2014-15)
o Methods: Economics & Mathematics
o Subject: Economics
o Std: 9
o Unit: Basic Concepts Of Economics
Pandit Rajpati Mishra College Of Education & Research
CONTENTS Introduction
Human Wants- Features & Classification
Goods- Tangible & Intangible,
Free & Economic
Resource
Scarcity of resources
LET’S SEE WHO CAN ANSWER THIS
Adam Smith is considered as the father
of
According to Prof. P.A. Samuelson
is the “Queen Of Social Sciences”.
Economics examines how people use
limited resources to satisfy their
unlimited
HUMAN WANTS
UNLIMITED
COMPLEMENTARYCOMPETITIVE
GRADABLE
VARIABLERECURRING
COMPLEMENTARY
GRADABLE
RECURRING
COMPETITIVE
VARIABLE
CLASSIFICATION OF WANTS
NECESSARIES
COMFORTS
LUXURIES
CHECK YOUR PROGRESS Which one of these are complementary ?
Which one of these are Luxuries?
Human Wants are Recurring. Explain.
GOODS Any commodity or anything which can satisfy our wants
GOODS
TANGIBLE
INTANGIBLE
FREE
ECONOMIC
EXAMPLESINTANGIBLE GOODS - cannot be seen or touched, however can be experienced. e.g. all kinds of services, goodwill etc.
FREE
TANGIBLE
ECONOMIC
RESOURCE
o It is an economic factor-A person, asset,
capital, material, or immaterial goods,
which can be used for production.
o Basic resources:
LAND, LABOUR & CAPITAL
o SCARCITY OF RESOURCES- the root cause
of all economic problems- it is necessary
to have some control on human wants
to overcome the problem.
CAPITAL
LABOUR
LAND
RECAPITULATION
Human wants are countless in number and various in kind.
Features of human wants- Unlimited, Complementary,
Competitive, Gradable, Variable & Recurring
Classification of wants- Necessaries, Comforts &Luxuries
Goods-Tangible & Intangible, Free & Non-Economic
Resources- Scarcity Of Resources is the root cause of all
economic problems.
SO, TODAY WE LEARNT ABOUT
Features of Human wants
Free & economic goods
Classification of human
wants
Resources & scarcity of resourcesTangible &
intangible goods
EVALUATION
What are Goods?
What is the root cause of all
economic problems?
What are human wants? Explain
any two characteristics.
What is the difference between
tangible and intangible goods?
What are the three basic economic
resources?
ASSIGNMENT
Make a list of ten economic and non-
economic goods found around you.
REFERENCES
Social Science part 2 Geography and Economics text book grade 9
Images- www.google.com
Glossary of Economic terms & concepts- http://www.economicswisconsin.org/