20littlthings basic economic concepts

8/7/2019 20littlthings basic economic concepts

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20 LITTLE THINGSALL ECONOMICS

STUDENTS HAVE

TO DO

Basic Concepts of

Economics

Basic Concepts of

Economics


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1. Live Life to the fullest!1. Live Life to the fullest!


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Concept: Scarcity


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We should accept the fact that we cannot

have anything we want so we should justconsider our life as a blessing itself and make

the most out of it. This would also mean that

we need to minimize our wants and stop being

greedy.

We should accept the fact that we cannot

have anything we want so we should justconsider our life as a blessing itself and make

the most out of it. This would also mean that

we need to minimize our wants and stop being

greedy.


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Be contented and just enjoy.Be contented and just enjoy.

Life is not about what we have,

its how we value things in our life.

Life is not about what we have,

its how we value things in our life.


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2. Save! Save! Save!


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Concept: Limited ResourcesConcept: Limited Resources


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Remember, we have limited resources;

therefore we should minimize our

consumption and expenses. Consume only

what you can and what you need. Like saving

our money, electricity, water, food, etc.

Remember, we have limited resources;

therefore we should minimize our

consumption and expenses. Consume only

what you can and what you need. Like saving

our money, electricity, water, food, etc.


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3. Consume Less. Have

A Simple Living

3. Consume Less. Have

A Simple Living


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Concept: Unlimited Needs

(2 Facts of Economics)

Concept: Unlimited Needs

(2 Facts of Economics)


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Live simply and be satisfied with

what you already have. We may

not eliminate our needs but we

can lessen them.

Live simply and be satisfied with

what you already have. We may

not eliminate our needs but we

can lessen them.


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4. Reading is Necessary4. Reading is Necessary


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Concept:

Entrepreneur

Concept:

Entrepreneur


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3/13/11 Turn off the tv

Put down

your ipod


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Reading articles, newspapers, magazines andbooks will help increase your knowledge. It is

a good way to keep updated with the current

issues.

Reading articles, newspapers, magazines andbooks will help increase your knowledge. It is

a good way to keep updated with the current

issues.


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Make reading a habit.

Who knows, maybe

youll stumble upon

something that could

help the country.

Make reading a habit.

Who knows, maybe

youll stumble upon

something that could

help the country.


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5. You should be patient5. You should be patient


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Concept:

Entrepreneur

Concept:

Entrepreneur


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You should fall in line and wait for your turn.

This way, the process will be more organized

and lessen the crowd. A well organized

activity will provide a faster result.

You should fall in line and wait for your turn.

This way, the process will be more organized

and lessen the crowd. A well organized

activity will provide a faster result.


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6. Study Well6. Study Well


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Concept: MicroeconomicsConcept: Microeconomics


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Studying well willresult to low drop-

out rates. This will

allow the parents

to save money.

Studying well willresult to low drop-

out rates. This will

allow the parents

to save money.


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7. Ask for A Receipt whenever you purchase7. Ask for A Receipt whenever you purchase


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Concept: MacroeconomicsConcept: Macroeconomics


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Receipts, which are counted in the National Income

Accounting will also help in the increase of the GDP

of the country

Receipts, which are counted in the National Income

Accounting will also help in the increase of the GDP

of the country


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8. Be environment-friendly8. Be environment-friendly


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Concept: Land (Factors of Production)Concept: Land (Factors of Production)


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One of the major sources of production is Land

which covers all our natural resources. We

should preserve and protect it. It is simply by

throwing and disposing our garbage properly

that we can already minimize the threat of

global warming.

One of the major sources of production is Land

which covers all our natural resources. We

should preserve and protect it. It is simply by

throwing and disposing our garbage properly

that we can already minimize the threat of

global warming.


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9. Maintain a healthy lifestyle9. Maintain a healthy lifestyle


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Concept: labor (Factors of Production)Concept: labor (Factors of Production)


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We must sustain our mind

and body in order to

perform well on ourprofession.

We must sustain our mind

and body in order to

perform well on ourprofession.


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10. Switch off & unplug

appliances when not in use

10. Switch off & unplug

appliances when not in use


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Concept: capital (Factors of Production)Concept: capital (Factors of Production)


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Appliances uses about 40% of its energy in standby mode. So it is

important to switch them off and unplug them when not in use so

that the capital goods (machineries & equipments) will not be put

to waste.

Appliances uses about 40% of its energy in standby mode. So it is

important to switch them off and unplug them when not in use so

that the capital goods (machineries & equipments) will not be put

to waste.


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11. Save Money11. Save Money


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Concept: Entrepreneur

(Factors of Production)

Concept: Entrepreneur

(Factors of Production)


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Do not spend so much on unnecessary

things. Try to save money for your

future. Maybe someday, Youll be able

to start your own business.

Do not spend so much on unnecessary

things. Try to save money for your

future. Maybe someday, Youll be able

to start your own business.


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12. Be Involved in Volunteer works12. Be Involved in Volunteer works


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Concept: Service UtilityConcept: Service Utility


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Giving contribution to the poor can help bring

up the less fortunate people in our country.

Giving contribution to the poor can help bring

up the less fortunate people in our country.


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13. Buy on local stores13. Buy on local stores


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Concept: Place UtilityConcept: Place Utility


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Theses local stores should be recognized and

we should patronize them by buying on these

stores. This will help in the GDP of the

country.

Theses local stores should be recognized and

we should patronize them by buying on these

stores. This will help in the GDP of the

country.


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Locally processed foods are potential help in

our economy.

Locally processed foods are potential help in

our economy.

Concept: Form UtilityConcept: Form Utility


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15. Do not be late15. Do not be late


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Concept: Time UtilityConcept: Time Utility


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Being late in class is a waste

of time, effort and also

money. We, students should

keep up with time in ordernot to be late and miss the

lesson.

Being late in class is a waste

of time, effort and also

money. We, students should

keep up with time in ordernot to be late and miss the

lesson.


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Through this, we can discipline

ourselves and become more

responsible. The more we have

responsible workers, the more

we are capable of beingproductive as a country

Through this, we can discipline

ourselves and become more

responsible. The more we have

responsible workers, the more

we are capable of beingproductive as a country


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16. Dont buy

pirated items(CD/DVDs orsoftwares)


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Concept: Possession UtilityConcept: Possession Utility


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Pirated CD/DVDs are not

legal and it is not certain

that the copies are clear.

If we buy originalproducts, we can

contribute to our

countrys productivity.

Pirated CD/DVDs are not

legal and it is not certain

that the copies are clear.

If we buy originalproducts, we can

contribute to our

countrys productivity.


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17. Be innovative


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Concept: Final/ Semi-Final/Free GoodsConcept: Final/ Semi-Final/Free Goods


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Be creative and make projects

using recycled materials.Final goods like paper and

cardboards may be used in

making projects, but its evenmore unique when you use

indigenous materials (free

goods) like dried leaves andthe like.

Be creative and make projects

using recycled materials.Final goods like paper and

cardboards may be used in

making projects, but its evenmore unique when you use

indigenous materials (free

goods) like dried leaves andthe like.


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18. Use the Pedestrian Lane18. Use the Pedestrian Lane


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Concept: Public GoodsConcept: Public Goods

P d t i L id d f th bliP d t i L id d f th bli


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Pedestrian Lanes are provided for the public so

that it will encourage safety. If everybody

crosses on the pedestrian, we may avoid

accidents.

Pedestrian Lanes are provided for the public so

that it will encourage safety. If everybody

crosses on the pedestrian, we may avoid

accidents.


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19. Re-use, Reduce and

Recycle

19. Re-use, Reduce and

Recycle


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Concept: Final-Capital

Goods

Concept: Final-Capital

Goods


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Recycle plastic bottles and

other reusable items use

them as containers. You

might even sell something

with it. Not only we can gain

extra money but it can also

help lessen pollution on our

natural environment.

Recycle plastic bottles and

other reusable items use

them as containers. You

might even sell something

with it. Not only we can gain

extra money but it can also

help lessen pollution on our

natural environment.


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20. Learn to

Appreciate Things

20. Learn to

Appreciate Things


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Concept: Free GoodsConcept: Free Goods

We should appreciate simple things like theWe should appreciate simple things like the


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We should appreciate simple things like the

weather, the sands on the beach, the plants,

and the like because not all these things can

be experienced by the people from other

places.

We should appreciate simple things like the

weather, the sands on the beach, the plants,

and the like because not all these things can

be experienced by the people from other

places.


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