UNIVERSITI

BRUNEI DARUSSALAM

BE-1101

Haji Suhaimi HA
Room: FBEPS 1.27
Email: suhaimi.ali@ubd.edu.bn

WHY

STUDY
ECONOMICS?

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DONE BY
HJ
SUHAIMI
HA

WHY

STUDY
ECONOMICS?

I was curious about everything that happens around me.

Studying economics satisfies my curiosity.
- Economic Student
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DONE BY
HJ
SUHAIMI
HA

WHY

STUDY
ECONOMICS?

Video 1
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DONE BY
HJ
SUHAIMI
HA

WHAT IS AN ECONOMY?
The word economy comes from a Greek
word for one who manages a household.
A household and an economy face many
decisions:

Who will work?

What goods and how many of them should be

produced?
What resources should be used in production?
At what price should the goods be sold?

WHAT DO YOU THINK

ECONOMICS IS?

The
study
about

Money?
Wealth?

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HJ
SUHAIMI
HA

WHAT DO YOU THINK

ECONOMICS IS?

The
study
about

choice and the

impact of our
choices on each
other.

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SUHAIMI
HA

WHAT IS ECONOMICS?
It

is the study of how individuals and

societies choose to use scarce resources to
satisfy unlimited human wants.
The management of societys resources is
important because resources are scarce.
Scarcity means that society has limited
resources and therefore cannot produce
all the goods and services people wish to
have.

DONE BY
HJ
SUHAIMI
HA

IMPORTANT VOCABULARY
Aggregate

(Adjective):
Formed or calculated by the combination
of many separate units or items;
In economics, it denotes the total supply or
demand for goods and services in an
economy at a particular time.
(Source: Concise Oxford Dictionary - 10th Edition)

IMPORTANT VOCABULARY
Ceteris

Paribus:
All other things remain/ being equal
Holding all other variables constant when
one variable is changed.

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SUHAIMI
HA

MICRO vs. MACROECONOMICS

Microeconomics focuses on how decisions are

made by individuals and firms and the
consequences of those decisions.

Macroeconomics examines the aggregate

behaviour of the economy (i.e. how the actions
of all the individuals and firms in the economy
interact to produce a particular level of economic
performance as a whole).

E.G. MICRO vs. MACRO

ECONOMICS QUESTIONS
MICRO Qs.
Go to business school or take a job?
What determines the salary offered
by BIBD to Dyg Minah, a new MBA
graduate?
What government policies should
be adopted to make it easier for
low-income students to attend
college?
What determines whether BIBD
opens a new office in Miri?

MACRO Qs.

E.G. MICRO vs. MACRO

ECONOMICS QUESTIONS
MICRO Qs.

MACRO Qs.

Go to business school or take a job?

How many people are employed in

the economy as a whole?

What determines the salary offered What determines the overall salary
by BIBD to Dyg Minah, a new MBA levels paid to workers in a given
graduate?
year?
What government policies should
be adopted to make it easier for
low-income students to attend
college?

What government policies should

be adopted to promote full
employment and growth in the
economy as a whole?

What determines whether BIBD

opens a new office in Miri?

What determines the overall trade

in goods, services and financial
assets between the Brunei and the
ROW?

Video 2:
Microeconomics
vs
Macroeconomics

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