Module 1: Introduction to Economics

ECON 23 PREPARED BY: MS. DJ FERNANDEZ DEPARTMENT OF MANAGEMENT The 5 Division of Economics are: 1. Consumption - The human wants as a consumer. The basic activity of economy. 2. Production - The source of consumption. It is where the goods and services are coming from the base fr...

ECON 23 PREPARED BY: MS. DJ FERNANDEZ DEPARTMENT OF MANAGEMENT The 5 Division of Economics are: 1. Consumption - The human wants as a consumer. The basic activity of economy. 2. Production - The source of consumption. It is where the goods and services are coming from the base from resources (land, labor capital). This is the division that satisfies the consumption of the consumer.  The 5 Division of Economics are: 3. Exchange - This is where economic activity such as trade and commerce occur, as well as money and banking. The exchange is the division of economics where it is essential for the movement of goods and service to take place from the Production to the Consumer. 4. Distribution - it is where goods and services are distributed among cooperating factors. It is also where the production is being priced. 5. Public Finance - Financial study, income and expenditure take place.