0:00 The study of economics towards sustainable development. The word economics comes from the Greek word oikonomiya. It comes from the two words oiko and nomos. Oiko means home or household. While nomnom is management. In simple terms. This refers to home management. Economics is a discipline that studies and discusses topics related to the production, distribution, and consumption of goods and services. It is the study of the ways in which a society uses
0:46 its limited resources and how they can be used in production for current and future consumption. Economics studies the actions and behaviors of an individual and how they can reconcile the world's limited resources with the infinite needs of people. Economics also studies how individuals, groups, and governments choose systems to solve economic problems. Economics is the study of human actions, habits, and all efforts to earn a living, as well as the government's efforts to regulate
1:31 the economy that affect people's lives in society. These are some of the important concepts in economics that you need to know and learn. Tradeoff is choosing or sacrificing one thing in exchange for something else. This is important because it allows options to be assessed in order to develop the best decision. Incentives. Refers to an object or experience that becomes a motivation to do something or act. This refers to the object or experience that becomes the motivation to enjoy a product or service.
2:17 Marginal thinking is the consideration of additional benefits when choosing an object or activity. There is a saying in economics that rational people think at the margin. This means that an individual evaluates the additional value, whether it is the cost or benefit that will be gained from the decision being made. It's important to remember that for every benefit you choose, there is also something you don't choose. This is called opportunity cost. This is the thing you sacrificed in exchange for your choice. A benefit that you will no longer have because you did not choose it. The basis of the study of economics.
3:05 Economics has two branches of study. First is microeconomics. This describes the study of a small part of our economy. Here we can see the activities or actions of people as producers and consumers. Second is macroeconomics. This in turn describes the overall behavior or general dimension of the economy as seen on a larger scale. It studies how an economy works and the sectors that operate within it. Economics as a social science. We know that economics encompasses our activities and actions
3:52 in society. It has a wide scope in our daily lives. To prove the breadth of its study, let us examine the relationship of economics to other fields of social science. Political science. It is the study of the political life of people, their roles and responsibilities. The frameworks or structures of government and the laws it sets are also studied. This is important because all of these have an impact and influence on our lives and the economy of the country. Sociology. It is the study of the origins and
4:38 structure of our society. Human actions resulting from the laws, customs, beliefs, and culture that exist in society affect people's livelihoods and activities. Philosophy. This is the study that seeks to understand the mystery of life and reality. Every institution in society is based on philosophical ideas such as law, government, religion, family marriage education even economics, industry, and business. Psychology. It is the scientific study of an individual's mental processes and behavior
5:24 . Research conducted by psychologists provides a broad understanding of how workers can be productive in their jobs. Geography. This is the study of the country's physical characteristics, climate and weather, natural resources, and other environmental aspects. History. This is the study of important events in the past. Economics and history are intertwined because the decisions we make today about our lives are based on what happened in the past. Archaeology is the study of the past
6:09 through the identification and interpretation of material remains of human culture. This became the basis for determining the origin and civilization of a group or class of people in society. and demography is the study of the distribution, composition and change of human populations. Analyzing the impact of population on the country's economy, the composition of the population that makes up the labor force are some of the methods used by the government to see and understand the needs of our country. The following are some of the reasons why it is good to study economics.
6:56 Through economics, people's desire to survive is understood. Knowledge of economics helped to understand the policies implemented by the government. Through economics, you develop wise decisions in life. Knowledge of economics has helped explain why changes occur in people's livelihoods and has made them observant and critical of things happening around them, especially when it comes to daily events in the country . The study of economics towards sustainable development.
