TOPIC 1: HUMAN RESOURCE ECONOMICS AND REQUIREMENTS LEARNING OUTCOMES
TOPIC 1: HUMAN RESOURCE ECONOMICS AND REQUIREMENTS
LEARNING OUTCOMES
At the end of this topic you should be able to:
Did you learn the importance of economics? Have you ever wondered what would happen to the world economy if oil resources run out? Is the rate of inflation will increase? The public knows that rising inflation will affect the price of goods. Assume the income did not change, when the price of goods more expensive, our purchasing power will decrease. As consumers, what will happen to us? Hence, it is important for us to learn economics as it relates to our lives.
We start with the first discussion of this topic see the definition of economic production, followed by economic resources and its relationship to the requirements to be fulfilled in life. Then, we'll see why economics is important? Next, we will explore basic concepts such as economic deprivation, choice and opportunity cost. Relevance of these concepts will be explained later using production possibility curve. Finally, we will discuss the impact of technological change, the quantity of resources and population of the Production Possibility Curve. In short, this topic will get us acquainted with the study of economics.
1.1 DEFINITION OF ECONOMICS
The word economy comes from the Greek word "oikou" and "nomos" ("oikounomos'). "Oikou" means that the household while the "nomos" means the regulations. In other words, economic regulation of household means, which is studying how households allocate income earned (albeit limited) efficiently.
One of human nature is the will to achieve a higher welfare. In other words, human beings are never satisfied with what was achieved. When the old requirements have been met, then came the new requirements. For example, when we already have a motorcycle, we will require a car while we can not afford (the lack of financial resources).
Thus, the knowledge economy exists because of human requirements has not been limited, while the economic resources available is limited. Due to economic resources (land, labor, capital and producers) is limited, so the goods and services produced is limited and fails to meet all human needs.
As a result of the imbalance that exists between the requirements of people who have never limited the economic resources are limited, so we can define the economy as a social science that studies the social behavior, which is how people use the resources limited for economic meet the requirements of those who have not been limited.
Self Check 1.1
1. In your opinion, what are the the household?
2. What economic resources? How does it differ from the will of man?
3. Discuss the main reasons for the commencement of study in economics.
1.2 ECONOMIC RESOURCES (FACTORS OF PRODUCTION)
Generally, we can categorize the economic resources to the four in terms of land, labor, capital, and producers. Please refer to Figure 1.1. Economic resources was also identified as factors of production. These resources are used in the production process to produce the goods and services. However, the economic resources available is limited and can only meet part of the human requirements.
1.2 ECONOMIC RESOURCES (FACTORS OF PRODUCTION)
Generally, we can categorize the economic resources to the four in terms of land, labor, capital, and producers. Please refer to Figure 1.1. Economic resources was also identified as factors of production. These resources are used in the production process to produce the goods and services. However, the economic resources available is limited and can only meet part of the human requirements.
Figure 1.1: Sources of economic
Information about economic resources are given as follows:
LEARNING OUTCOMES
At the end of this topic you should be able to:
- Definition describes the economy;
- State economic resources and human requirements;
- Describes the basic concepts of economics;
- Relevance of the concept of economic-base kosep production possibilities frontier and
- Stating the impact of technological change, the quantity of resources and population of the production possibilities frontier.
Did you learn the importance of economics? Have you ever wondered what would happen to the world economy if oil resources run out? Is the rate of inflation will increase? The public knows that rising inflation will affect the price of goods. Assume the income did not change, when the price of goods more expensive, our purchasing power will decrease. As consumers, what will happen to us? Hence, it is important for us to learn economics as it relates to our lives.
We start with the first discussion of this topic see the definition of economic production, followed by economic resources and its relationship to the requirements to be fulfilled in life. Then, we'll see why economics is important? Next, we will explore basic concepts such as economic deprivation, choice and opportunity cost. Relevance of these concepts will be explained later using production possibility curve. Finally, we will discuss the impact of technological change, the quantity of resources and population of the Production Possibility Curve. In short, this topic will get us acquainted with the study of economics.
1.1 DEFINITION OF ECONOMICS
The word economy comes from the Greek word "oikou" and "nomos" ("oikounomos'). "Oikou" means that the household while the "nomos" means the regulations. In other words, economic regulation of household means, which is studying how households allocate income earned (albeit limited) efficiently.
One of human nature is the will to achieve a higher welfare. In other words, human beings are never satisfied with what was achieved. When the old requirements have been met, then came the new requirements. For example, when we already have a motorcycle, we will require a car while we can not afford (the lack of financial resources).
Thus, the knowledge economy exists because of human requirements has not been limited, while the economic resources available is limited. Due to economic resources (land, labor, capital and producers) is limited, so the goods and services produced is limited and fails to meet all human needs.
As a result of the imbalance that exists between the requirements of people who have never limited the economic resources are limited, so we can define the economy as a social science that studies the social behavior, which is how people use the resources limited for economic meet the requirements of those who have not been limited.
Self Check 1.1
1. In your opinion, what are the the household?
2. What economic resources? How does it differ from the will of man?
3. Discuss the main reasons for the commencement of study in economics.
1.2 ECONOMIC RESOURCES (FACTORS OF PRODUCTION)
Generally, we can categorize the economic resources to the four in terms of land, labor, capital, and producers. Please refer to Figure 1.1. Economic resources was also identified as factors of production. These resources are used in the production process to produce the goods and services. However, the economic resources available is limited and can only meet part of the human requirements.
1.2 ECONOMIC RESOURCES (FACTORS OF PRODUCTION)
Generally, we can categorize the economic resources to the four in terms of land, labor, capital, and producers. Please refer to Figure 1.1. Economic resources was also identified as factors of production. These resources are used in the production process to produce the goods and services. However, the economic resources available is limited and can only meet part of the human requirements.
Figure 1.1: Sources of economic
Information about economic resources are given as follows:
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