Economics Lecture 1

right okay so now guys uh we&#39;ve had a small intro so enough of intro and talking we&#39;ll along the way also I&#39;ll give you all uh different study tips different uh things to guide you all so with that in mind we&#39;ll get into the subject a little otherwise the first day if you just do talking and uh not learn anything also it&#39;s a little bit you know doesn&#39;t feel right now with having all the toes and everything and you are not learning any Eon it feels a little better so with that L we get into a little bit of uh the syllabus itself so your first unit is what we call introduction to economics so this I would say is the or I would say one of the easiest units from the 12 units that is there in the syllabus one of the easiest so from this unit now some of you all now not like other subjects now in other subs and all now the first unit is a easy unit they don&#39;t test it much now but in Eon it&#39;s a little different now anyone this first unit that we talk about introduction to econom any guesses how many marks you get out of the 200 Mark paper for unit number one and anyone guess give me a while guess so think there are 12 units in total unit number one how many marks do you think will give you will give you 5 10 15 20 25 30 35 by all the way until 200 how much do you all think you all need to have a writing book you can use the this so roughly around the if you look at unit number one you get around four to five mcqs in the most recent paper you have had around four mcqs in your past paper T go to the 2023 paper andc p you all have the past papers in 2023 if I&#39;m not mistaken let me just reconfirm it there is a round L uh roughly around four McQ sometimes you get five so let&#39;s say four we so four mcqs means you&#39;re going to get eight marks each McQ is two in addition to this you also get one essay question so one essay question is 20 marks so out of your 200 marks 28 marks come from no you don&#39;t have to have any textbook the t is in okay 28 marks come from unit one so that is why I&#39;m telling you you should not neglect it and also you don&#39;t need to have a separate exercise for things you don&#39;t need the to itself is enough we do have questions and all in the separate Tes uh maybe to do the past paper questions if you have a CR book that is good but to normal our Theory and stuff you don&#39;t need to have a separate book and if possible uh can you all also buy a small sticky note if you can&#39;t afford it don&#39;t if you think you can afford it I think it&#39;s around 100 or 200 rupees I don&#39;t know how much a small sticky not pad anyone who already has the small sticky notepad no if possible the girls have no the guys no any guy who has oh nice good so if possible try to get a small sticky note P this is if possible don&#39;t go and trouble your parents and burden them if possible I might have uh try to have this we&#39;ll try to make our cute as nice as possible as colorful and nice as possible because only then you want to open it and learn otherwise you all don&#39;t want to learn L and now on my end I&#39;m giving my best to print the T neatly and all and give so on your end you try to uh what make sure that you keep the D night and R right nicely yes unit one is always test it&#39;s a definite question so if you go through the past paper D you get see every year there are questions so then on your end try to have a small uh sticky note if you can have a few colored pens you don&#39;t have to have a lot of colors maybe around three colors good and also have maybe one or two highlighters have one or two highlighter this is just to make your T attractive and nice and uh all of that apart from that have your basic stuff your pen and pencil and ruler and eraser that&#39;s your basic St okay so then with that set we start off with learning e now always every subject I&#39;m going to give you your first study tip if possible write it down and your first study T after learning a certain area to see whether you understood that area always do a past paper question don&#39;t go and do these other nonsense questions from different uh schools and all those are wrong some and don&#39;t have the answers of always do a pass paper question and also I buy a pass paper book so for now uh the there will be P paper books with the 2023 paper so 2023 results are also out so find the pass paper book try to find as much as possible papers that you can so there will be I will recommend the SD via publication that is good the other ones are also okay nothing wrong I use use the SD uh V one that&#39;s the publication by a pass paper book from unit uh get one with the 2023 paper even if it&#39;s not there I print and give but 2023 paper will come out so within this month given the results came out so now the passway book we have the 2023 paper also so maybe wait within this month towards the end of this month like I think you should find a book with the 2023 paper so try to get as much as possible as the old Parts others also I will give you all the PDFs also but good to have a book lover because PDFs I don&#39;t I&#39;m not going to give you the answers of the PDFs your past paper book will have the answers questions and all I will break it unit five so then uh your first 30 is yeah you can use your siblings no problem right so your first St tip is after you learn a certain area any sub do a few past papers relating to that area why am I telling this because only then you can see whether you understood it or not sometimes L now you think you understood but then when you try to do a question you&#39;re getting stupped can&#39;t so always after learning a small area try to do a pass Pap that is why I have nicely broken down and given you a unitwise pass paper because sometimes you all find all the questions from the P papers so I have Lo and that&#39;s St tip number one so with that we&#39;ll get it done and then I&#39;ll give you s tip number two also now itself if you want to manage time properly and get things done your best thing is listen when the teacher teaches for the first time and get it into your head that is very important don&#39;t Daydream now some of you all must be on your phone some of you all must be doing other things please don&#39;t do that because when a teacher teacher something for the first time any subject even your school teacher they will go very slowly and they will explod so it&#39;s up to you to put it into your head the first time if you do that you will not forget because sometimes some people you all try to memorize the subject when you memorize you forget within one week you have forgotten but if you properly understand put it into your head that will stay in your head okay let&#39;s start to right we&#39;ll start start with something called economic behavior what is this economic behavior and what does this mean now you all know that people human beings like us we have various needs and wants needs and wants you all have heard no needs are things that are essential for survival wants are different different desires that we have so people have different needs and wants so these needs and wants also so can be classified into two so you can say physical needs and wants and you can also call them mental needs and wants if you take people&#39;s needs and wants that&#39;ll be physical and mental needs ands then if you look at what are physical needs and Bs physical needs or you can say even BS physical needs and wants we say are the needs or wants that can be directly fulfilled by consuming a good or service that can be fulfilled by consuming a good do service example your need for food you eat a bun you have a kotu it&#39;s fulfilled so a physical b or a physical need is what something that can be fulfilled by consuming a good example food shelter clothing now what are mental needs or mental needs and wants those are guys those are the needs that cannot be directly fulfilled by consuming a good like what for example mentally need now some of you L you all need love you all need to you all need kindness you all need respect now if all of a sudden I starts folding your L folding you in fi and all you&#39;ll be like what nonsense is this so that&#39;s human nature right we need love and affection Right affection from your parents affection from whoever your other partner is so you all need that so that is what you call mental needs L now those needs you can&#39;t get by consuming a good you can&#39;t feel love by eating a you don&#39;t get Love by eating a so you can&#39;t get love Spiritual Development kindness respect right all of those those are what we call mental needs that is physical needs and mental needs physical needs are the needs that can be fulfilled by consuming a good mental needs are the ones that you can&#39;t directly fulfill by consuming a good s now sadly I know y all would love to talk about love and all of that but in economics in economics we don&#39;t talk about these mental needs in Eon they are not going to talk about how to find a partner how to find a girlfriend or a boyfriend how to get love how to get kindness no sadly no Eon is about okay here see they say look at this the activities and behavior performed by people who fulfill the physical needs and wants of a society using limited resources is called economic behavior what is economic behavior economic behavior is the different things that people do in order to fulfill their physical needs and wants now for example even this L right now what are you doing yall are attending a class attending a class means you&#39;re consuming consuming doesn&#39;t mean eating consuming means you&#39;re getting it no so right now you&#39;re are consuming education I don&#39;t think you&#39;re eating education you&#39;re consuming education for what in order to fulfill your need for Education you all need to pass this exam so now you have joined this class because now you are taking two hours of your time Nic all are waiting after all this why are you sacrificing 2 hours then nicely you could have watched the movie but you&#39;re still coming to this class for what to fulfill your need for education so this is economic behavior what you&#39;re doing right now is economic beh you&#39;re doing consumption so example production distribution and consumption of goods and Serv on your end right now what are you doing you&#39;re consuming a good what do you think I am doing level what am I doing from production distrib tion consumption what am I doing I doing the production part of it no I&#39;m I&#39;m you can say the distribution also now right now now when you say distribution distribution means now if you take a good how it goes from the factory to the wholesaler then it comes to let&#39;s say the retailer and then it comes to you that&#39;s a distribution here we don&#39;t have service service is no wholesal retail and all I&#39;m just giving directly to you so I am doing both production and distribution that is me so all of us what are we doing we are engaging in economic behavior and also these things don&#39;t memorize these are this small in stuff they won&#39;t even ask sometimes just setting the tone trying to identify right so what did I tell so far I told you people have phys physical needs and wants what are physical needs and wants the needs and wants that can be fulfilled by consuming a good do service mental needs and wants needs and wants that cannot be fulfilled directly by consuming good do service in economics we don&#39;t talk about mental needs and wants we are not going to find love and kindness and affection that is not our concern we are trying economic behavior is the different activities different things that people do to fulfill their physical needs and and box so that is that then mind also coming into what is economics now now what you will learn in economics also I will show you more interesting so what is economics number we say economics is a science economics is a science you all CH forers because you how many of you all hate science which one do you hate the most bio physics or chemistry all of yours which one you hate the most bio physics okay I hated bio I for some reason I just hate bio only thing I remember is mitochondria is the PowerHouse of the set I don&#39;t know if you all hate that but I hatte it physics I little liked it and the numbers I&#39;m little good with numbers I&#39;m okay uh chemistry also not a big fan bio I hate right now now most of all since you all like Commerce better you all are doing Commerce now now I am Telling You economics is a science you know demotivating no you all are like I don&#39;t want to do science that&#39;s why I came to do Commerce but what science is economics now economics we say is a social science social science now something like biology is called Natural Science now shall I give you other examples of social sciences now example economics is a social science right so what is a social science a social science is something that studies about the behavior of people so in Eon also what we do is we try to study the behavior of people very different then for example you have things like this for example say psychology psychology also it studies about how people are thinking and now that&#39;s also social s so eorn also we say is a social science not Natural Science biochemistry way it&#39;s a social science so then why uh what is this subject about economics is about L now can you all tell me human bonds human bonds are limited the unlimited can you all tell me that human bonds you all would have learned this in whole levels no we in detail will learn if you have not learned don&#39;t worry that is but just to if you all remember human bonds different things that we want so much of things know you want this you want that you want this you want that human bonds are unlimited what about the resources that we have the resources that we have to fulfill these BS think of the money will for example for now think of money will that&#39;s it&#39;s a more broader concept but uh think of the resources limited unlimited the resources we have are limited no now can you see there is a pry problem here our wants are unlimited we want 100,000 things but we have very limited resources so you know what is economics about economics is about using our limited resources with the little money with land labor capital and all we have with the limited resources we have how can we properly use it to fulfill our unlimited bonds that is what economics is what is economics economics is a subject that studies how unlimited BS we have unlimited BS so many different things we want no how you can satisfy your unlimited bonds with the Le lied resources we have here see look at the definition you see definition is saying listen very carefully now right after I explain this part and the next part I&#39;m going to put you to a actual L level paper right I&#39;m going to put you straight to the deep end now actual a level paper you will write two and a half years later after I finish syllabus five times and doing 100 different papers but I will now this is like me teaching you to swim using a note 10 putting you to the D so I will do that right after I properly listen and wait I&#39;ll put you to straight to a level paper after this explanation and we&#39;ll see how many of you all can get it correctly if you can get it correct the first time just think two and a half years later after studying so much of Time how easy the paper would be so listen G yeah so what is economics economics I say the subject which studies the relationship between scarce resources what is scar level scar means limited subject that studies the relationship between scarce Resources with alternative uses what does that mean alternative uses me now with your resources think of money we for now so with your money you can do different different things now now let&#39;s say you have 3,000 now you can pay class fees you can buy some food you can go and watch a movie you have so much of different different uses now your SC resources your 3,000 rupees so much of different uses so economics is a subject that studies the relationship between your scarce Resources with alternative uses and the human oh another definition I can give you see economics is the science what science social science is a social science which study is what how unlimited human bonds are fulfilled through limited resources we have very limited resources alternative uses means we can do different different things take th rupees doesn&#39;t your th rupees have alternative users with a th rupees okay you can put a phone reload you can go and watch a movie you can buy some food you have different different users right your limited resources have different different uses so how are we going to properly use those limited resources to satisfy our unlimited BS that is what economics is the B is that clear for now now some of these parts we have not gone in the unit we will go into detail but now is the broad story okay what economics is with limited resources how are we trying to satisfy our unlimited so it also invols how to make proper choices we have little resources so how to make a proper choice and it studies about how we make correct choices and how we get the best use of our resources it&#39;s about this just make a small note here also about choices and how we make proper choices I come I will repeat the whole thing again also don&#39;t then am I coming into this I will do this part and then we will end the class to okay we&#39;ll do the past papers and then the class right okay we&#39;ll talk about the branches of Economics branches not a tree but economics my broadly has two branches one is microeconomics the other branches called macroeconomics what do you think the difference is okay tell me what is micro tell me the English meaning of if someone says micro what does Micro mean what do you all think micro means small no so does that mean uh microeconomics is yes body microeconomics is p economics or small economics what is microeconomics microeconomics is you study about a small part of the economy you study about a small part of the economy so when you take a economy number think of entire country Sri Lankan economy so Sri Lankan economy is there but if you are studying about individuals how one person is behaving for example your individual demand how much goods and services you&#39;re buying how then how a household is functioning maybe your household how much of money is your family spending how much of money are you all saving we are studying about a small part of the economy entire country but we are studying about one person or one household or maybe about one firm so we are talking about cargills how much is the cost for cargills or electricity how much is their salaries so when you talk about a very small part of the economy firm means a company LEL a business firm so if you&#39;re talking about a small part of an economy that is what you call microeconomics what is microeconomics it is the study it is the branch of Economics that focuses on a small part of data we&#39;ll go into detail then what is macroeconomics definitions you can write in your own words but the keywords have to be there you can&#39;t come up with completely then what is macroeconomics macroeconomics I say is the branch of Economics now macro means big no macro is Big so BRS of Economics that studies about the overall economy we are not studying about how one individual one firm uh one houseold how they are working we are not studying about that we are studying about the entire economy entire country so shall I give some examples of this for you all to understand better now here examples of macro now these examples you all don&#39;t have to know these all we will learn in the future for example aggregate output aggregate income unit number six uh this one unit number five inflation unit number seven employment unemployment unit 11 and so you I don&#39;t want you all to understand what each of these mean Neal but what I want you all to understand is that these are macroeconomics I&#39;ll take some easy things that you all know for example inflation what is inflation inflation is where the prices are increasing so someone now can you tell me did Sri Lanka have high levels of inflation or not during the economic crisis 2022 yes or no we talk about the reasons and all why we had it later we had no so when we talk about something like inflation are we talking about a small part of the economy no we are saying Sri Lanka&#39;s inflation rate is 10% what does that mean that means in Sri Lanka prices have increased by 10% so that is macroeconomy you&#39;re talking about broader economy now for example when someone comes say okay the unemployment rate in Sri Lanka is 5% what does that mean 5% of people don&#39;t have jobs so are we talking about a small part no we&#39;re talking about the overall economy right so we please don&#39;t worry about what this like I said before don&#39;t worry about what inflation what these are these are future units we will study yeah inflation is 40 around 30% of unit number S I don&#39;t want you to know what is inflation what is unemployment what I want you all to try to understand is that these are macroeconomic another thing that you all know for example exchange rate now you all know exchange rates can someone tell me I know if you aware how much Rupees is the dollar now right now I don&#39;t want the exact number roughly broad at least you have aoad $1 is how many Rupees roughly here right now it&#39;s roughly around 300 I think today it was around 303 or 304 so roughly around C now when you take something like exchange rate are we saying exchange rate of a firm exchange rate of individual no we are saying exchange rate of Sri Lanka so when you&#39;re talking about the entire economy something like here uh exports Imports money supply exchange rate balance of payment now you all don&#39;t have to know what these are these we learn now now balance of payment unit number 10 exchange rate unit number 10 money supply unit number seven exports import unit number nine these are separate big big units we will learn but what I&#39;m trying to teach you is these are macroeconomic Concepts where you talk about the broader economy then once again what is microeconomics microeconomics is when you talk about one small part of the economy let&#39;s say the demand for mobile phones demand for mobile pH so we are talking about about one good our demand for mobile for someone will say are these days uh demand for mobile phones have increased that means people are buying more and more phones only mobile phones one small part of the economy economy is not only producing mobile phones economy is producing millions and millions of things so if you talk about a small part here see examples studying the demand and supply of a good of one good so for example someone will ask okay ared how much is the demand for your class so I will say okay right now my class there is 1301 people okay that is my demand so one good right my class one good then here production function of a firm production cost of a firm what these are we will learn see when you talk about one firm okay AR said how much is your cost for printing tooth so my firm is let&#39;s say Itor so I said what is your cost for itl for one month for doing classes now you will say Okay electricity is there Website Maintenance cost is there uh T printing is there okay this is my cost what is that micro they are focusing only on my cost a small part of the economy so once again here there are other Concepts also scity these and all we will learn unit number one and all choices uh how one firm is working yes firms mean businesses now okay so that is the two branches so in your Eon syllabus unit number one covers overall everything unit number two three and four are microeconomics unit un unit number you have 12 units one is Introduction there is no micro macro unit one is also mostly micro but yeah macroeconomics is from unit number five to unit number 12 macro is the one more interesting line we&#39;ll talk about inflation why is the price in Sri Lanka going up what is the government doing why is this ran playing the full is at doing okay what did goab do at that time why did our price go up why did we have the fuel shortage why were we standing in the C to buy gas cylinders you talk about all of those very very interesting things when you understand the economic side behind that those are mostly macroeconomics so once again quickly summarizing and then we&#39;ll move into a past paper we&#39;ll see how many of you all can get it right summarizing the story economic behavior what is economic behavior economic behavior is the activities that we we do to fulfill our physical needs and want so mainly there are three activities consumption distribution and production no order you can say production distribution and consumption then what is economics economics is a social science social science mean studies about people economics is a social science that does what that studies how people using their limited resources how we properly make choices and all or our scarce resources how we properly make choices and all and how we try to satisfy our unlimited wants that is economics using our limited resources how are we going to satisfy our unlimited work that is what economics is a about then there are two branches for econ what are the two branches micro and macroeconomics what is microeconomics microeconomics is the branch that studies about the small part of the economy it studies the behavior of a firm of one individual of one product of one household you studing about a small part what is the cost of a firm what is the demand for one good what is the uh What uh let&#39;s say how much is one person&#39;s income that is microeconomics if you study about the overall economy that is called macroeconomics exchange rate of Sri Lanka interest rate in the country what is the economic growth rate unemployment levels inflation rate are those are macroeconomics and also one more thing in your to here and there you will have certain QR codes so these QR codes will take you to certain YouTube videos that&#39;s another I&#39;ll say study tip number three two after you learn a certain area L for watch watch a YouTube video on that area read something on the Internet then you remember it better so how do you uh use a QR code you don&#39;t have to have a separate app or anything just open your phone camera I don&#39;t have to teach you all this but open your phone camera and try to take a picture of this QR code when you try to take a don&#39;t you don&#39;t have to take a picture when you SC when you&#39;re holding the camera to the QR code a small popup will come you click on that it&#39;ll take you to the Le and uh if someone now for some of your phones it might not work sometime someone who scans this and watches the video can you all share the link on the class group will help each other together and we&#39;ll get things done okay so that is all that I&#39;m explaining today I would love to explain the next part also but we don&#39;t have the time so with that shall we quickly go through yes I think you can scan through Google also shall we quickly go through some P papers to see whether you actually understood this otherwise no matter how much you&#39;re sitting and you&#39;re learning but if you don&#39;t get it so you can take your pass paper T if you have it if you have the printed one you can underline it in that if not let&#39;s do it with me you can maybe unline pencil and keep or that&#39;s okay that&#39;s up to you so we&#39;ll go with the first one now this is the actual pass paper question now the 2011 level pass paper question mcqs I told you so mcqs have five options so we can&#39;t do others we can do McQ number two so we&#39;ll see how many of you all can give me the correct answer I&#39;ll read the question don&#39;t hurry give me an answer the branch of Economics that studies the decisions of individual households and firms is called one macroeconomic two microeconomics three positive economics four normative economics five four me if you are listening please give me an answer right or wrong that&#39;s okay come on now even if you get it wrong you will at least remember it for the rest of your life the first day itself I went and I got a question wrong never mind don&#39;t feel sry you send the answer only for me so I&#39;ve got right now I&#39;ve got around 90 answers there is a few more people others others others other which one the branch of Economics that studies decisions of individuals households and firms McQ number two I think all of you all got it correct I didn&#39;t see any wrong answer I&#39;m getting so many answers answers are going going going going going I didn&#39;t see any wrong answer nice so the correct answer is what micro economics that&#39;s number two so can you see how easy your paper is now see did you study this 10 15 times no you just listen to me in the last half an hour you got it correct all all the questions might not be very they I&#39;ll show you some more questions so if you properly focus and imagine how much of work I told you I&#39;m going to finish syab five times you&#39;re going to do so much of things this paper is going to be a walk in the parama your minimum is 95 I will say okay so we&#39;ll do a few more we&#39;ll do around three four more questions can&#39;t do can&#39;t do can&#39;t do can&#39;t do this can&#39;t do this oh this one what do you all think this should be a little tricky yeah see how many of you with along with the definition I gave you another keyword to write on the side of your Tut economics is the study of but scarcity of resources and full employment scarcity of resources and production scarcity of resources and choice scarcity of resources and efficiency scarcity of resources and substitutability 90% of you all are getting it right some people aing wrong that&#39;s okay that&#39;s okay this is this is like me teaching you all how to swim using Theory and putting you deep in that&#39;s okay along the way we will learn and most of this I have to explain in detail also in the next part getting right which one do you all think 1 2 3 4 five economics study or what economics more complete it&#39;s the study about scarce resources okay scarce resources using our scarce resources how do we make choices to fulfill our unlimited gos so the most correct answer out of this is answer number three scarcity is the choice of scarcity of Economics study of resources and S this part will learn a little bit more in detail right now you&#39;re little conf in this choice we will learn that&#39;s there don&#39;t okay that is done right two MC we&#39;ll see at the end how much you all get out of the total so so far most of you are two out of two 2015 question number one which of the following is a microeconomic statement what is microeconomic where you focus on one small part maybe one product one one firm one uh individual that is micro see which one the price of rubber declined by 10% last year rubber price has gone up unemployment was 58% real GDP cross domestic product has increased by 7% general price level general price level means inflation increased by 4% tax revenue of the government decreased by 8% which of this do you think is the microeconomic part that focuses on a small part that means four of these are talking about the entire country entire economy one of this is talking about a small part about one good or one firm or one individual which one 1 2 3 4 5 again I would say 95% of you got it correct some of you all that&#39;s okay that&#39;s okay don&#39;t worry don&#39;t feel bad of getting it Dr and trust me I don&#39;t remember your name also I get around 100 messages trust me I will not remember your name I will not consider you stupid I will not do anything don&#39;t and I&#39;m not judging I never judge people also I don&#39;t even ask what your all level result is anyway because what you were at all levels is complet different to what you are not so which what&#39;s our answer number our answer is number one why number one price of rubber rubber is just one good there are are millions and millions of goods in the country L is one good so that is the microeconomic one you&#39;re focusing only on rubber everything else unemployment GDP general price level tax revenue of the government those are all about the entire country but number one is a microeconomic nice I think apart from 10 students I got answers from every I hope the other 10 are not falling asleep right that we are done anything else scarcity we haven&#39;t learned haven&#39;t learned haven&#39;t learned uh not Lear Lear Lear not Lear same thing is repeated never mind for our satisfaction we&#39;ll do it 2019 question number one and that&#39;s the best thing about past papers same branch of Economics that studies the de of individuals households and firms is called macro micro positive normative welfare economics they just ch the answer options it&#39;s what stud is reasons of individuals households and firms that is microeconomics that&#39;s easy don&#39;t have to repeat same thing repeat one I want to find a little bit of a harder one 2021 with this we&#39;ll wrap it off then we are done with five questions you know 2021 a levels question number one a more complete short definition of economics would be that economics is the study of study of what how employment opportunities in the society could be created to make citizens better off is the study of how countries trade goods and services in the global Marketplace is the study of how goods and services are produced without damaging the environment is the study of how unlimited resources are allocated among limited bonds be careful with the words how scarce resources are allocated to satisfy unlimited vs be very careful there are two answers that look the same same but are not the same complete nonsense they switch The Words which one is economics it&#39;s a study of mon 1 2 3 4 5 answer answer number five how scarce resources limited resources are allocated to satisfy unlimited one some of you all I know went with answer number four but number four is saying unlimited resources unlimited resources and saying limited bonds limited bonds BS are unlimited resources four and five has switch the two words so number five central problem yeah that is all that we can do for now we only studed for 30 minutes 30 minutes you can&#39;t do the entire unit uh how much did you all get five out of five at least three out of five that is at least your 60% there more than 50% at least three yes out of nice so don&#39;t you think now this thing you need to be proud of yourself what did we do have you learned Eon before no we have not done Eon for all levels Eon was not there for you have not started school I&#39;m guessing so you haven&#39;t learned Eon anywhere else all but you did this you learned Eon for 30 minutes with we started at 8:35 today now it&#39;s uh little past our class finishing time but never mind until 910 for 30 minutes you started you didn&#39;t even some of you all don&#39;t even have the cute to refer and go back you didn&#39;t even take time after the class to start so you just listen to me for 30 minutes and you still got the mcqs right so on one end you definitely have to be proud of yourself you&#39;re getting this on the other end it&#39;s working that&#39;s why Always every subject level now these questions now I didn&#39;t make these questions easy know sometimes to make you all feel better I will give you all easy question then you all will think this fellow is teaching nice these are not questions I made these are direct P papers you go to the original paper and this question is there so these are actual a level pass paper question the are the questions you will get in your paper also this similar time so even in the first class after learning for 30 minutes you you can get it right you&#39;re already at a good level so all what you have to do is properly attend the class listen during that two hours when you get the T I&#39;ll give you a study plan also little by little okay so maybe for today what you can do is just read through the first two pages that we did that&#39;s all that will take you around 15 minutes just go through that remember what is economics remember what is micro macro economics fine then next class we can get into uh the remaining parts so we&#39;ll wrap it off from there since we are already uh above the time and gone beyond Eon gets very very interesting especially in the latter part of the units uh we&#39;ll talk about all of those so that&#39;s it we&#39;ll call it off there uh if anyone has questions you can definitely stay and clarify you can drop me a text on WhatsApp also guys on WhatsApp I will reply as soon as possible because I get around hundreds and hundreds of messages little by little I will uh reply don&#39;t worry I will somehow rep so with that we&#39;ll call it off and I will see you all by next Thursday again same time 7 to9 hopefully by that time all of you all will have the printer D with you uh if I already qu the T for you Lama you can&#39;t collect it from my place because all is great if not you can collect so with that we&#39;ll wrap it off I&#39;ll see you all next Thursday

right okay so now guys uh we&amp;#39;ve had a small intro so enough of intro and talking we&amp;#39;ll along the way also I&amp;#39;ll give you all uh different study tips different uh things to guide you all so with that in mind we&amp;#39;ll get into the subject a little otherwise the first day if you just do talking and uh not learn anything also it&amp;#39;s a little bit you know doesn&amp;#39;t feel right now with having all the toes and everything and you are not learning any Eon it feels a little better so with that L we get into a little bit of uh the syllabus itself so your first unit is what we call introduction to economics so this I would say is the or I would say one of the easiest units from the 12 units that is there in the syllabus one of the easiest so from this unit now some of you all now not like other subjects now in other subs and all now the first unit is a easy unit they don&amp;#39;t test it much now but in Eon it&amp;#39;s a little different now anyone this first unit that we talk about introduction to econom any guesses how many marks you get out of the 200 Mark paper for unit number one and anyone guess give me a while guess so think there are 12 units in total unit number one how many marks do you think will give you will give you 5 10 15 20 25 30 35 by all the way until 200 how much do you all think you all need to have a writing book you can use the this so roughly around the if you look at unit number one you get around four to five mcqs in the most recent paper you have had around four mcqs in your past paper T go to the 2023 paper andc p you all have the past papers in 2023 if I&amp;#39;m not mistaken let me just reconfirm it there is a round L uh roughly around four McQ sometimes you get five so let&amp;#39;s say four we so four mcqs means you&amp;#39;re going to get eight marks each McQ is two in addition to this you also get one essay question so one essay question is 20 marks so out of your 200 marks 28 marks come from no you don&amp;#39;t have to have any textbook the t is in okay 28 marks come from unit one so that is why I&amp;#39;m telling you you should not neglect it and also you don&amp;#39;t need to have a separate exercise for things you don&amp;#39;t need the to itself is enough we do have questions and all in the separate Tes uh maybe to do the past paper questions if you have a CR book that is good but to normal our Theory and stuff you don&amp;#39;t need to have a separate book and if possible uh can you all also buy a small sticky note if you can&amp;#39;t afford it don&amp;#39;t if you think you can afford it I think it&amp;#39;s around 100 or 200 rupees I don&amp;#39;t know how much a small sticky not pad anyone who already has the small sticky notepad no if possible the girls have no the guys no any guy who has oh nice good so if possible try to get a small sticky note P this is if possible don&amp;#39;t go and trouble your parents and burden them if possible I might have uh try to have this we&amp;#39;ll try to make our cute as nice as possible as colorful and nice as possible because only then you want to open it and learn otherwise you all don&amp;#39;t want to learn L and now on my end I&amp;#39;m giving my best to print the T neatly and all and give so on your end you try to uh what make sure that you keep the D night and R right nicely yes unit one is always test it&amp;#39;s a definite question so if you go through the past paper D you get see every year there are questions so then on your end try to have a small uh sticky note if you can have a few colored pens you don&amp;#39;t have to have a lot of colors maybe around three colors good and also have maybe one or two highlighters have one or two highlighter this is just to make your T attractive and nice and uh all of that apart from that have your basic stuff your pen and pencil and ruler and eraser that&amp;#39;s your basic St okay so then with that set we start off with learning e now always every subject I&amp;#39;m going to give you your first study tip if possible write it down and your first study T after learning a certain area to see whether you understood that area always do a past paper question don&amp;#39;t go and do these other nonsense questions from different uh schools and all those are wrong some and don&amp;#39;t have the answers of always do a pass paper question and also I buy a pass paper book so for now uh the there will be P paper books with the 2023 paper so 2023 results are also out so find the pass paper book try to find as much as possible papers that you can so there will be I will recommend the SD via publication that is good the other ones are also okay nothing wrong I use use the SD uh V one that&amp;#39;s the publication by a pass paper book from unit uh get one with the 2023 paper even if it&amp;#39;s not there I print and give but 2023 paper will come out so within this month given the results came out so now the passway book we have the 2023 paper also so maybe wait within this month towards the end of this month like I think you should find a book with the 2023 paper so try to get as much as possible as the old Parts others also I will give you all the PDFs also but good to have a book lover because PDFs I don&amp;#39;t I&amp;#39;m not going to give you the answers of the PDFs your past paper book will have the answers questions and all I will break it unit five so then uh your first 30 is yeah you can use your siblings no problem right so your first St tip is after you learn a certain area any sub do a few past papers relating to that area why am I telling this because only then you can see whether you understood it or not sometimes L now you think you understood but then when you try to do a question you&amp;#39;re getting stupped can&amp;#39;t so always after learning a small area try to do a pass Pap that is why I have nicely broken down and given you a unitwise pass paper because sometimes you all find all the questions from the P papers so I have Lo and that&amp;#39;s St tip number one so with that we&amp;#39;ll get it done and then I&amp;#39;ll give you s tip number two also now itself if you want to manage time properly and get things done your best thing is listen when the teacher teaches for the first time and get it into your head that is very important don&amp;#39;t Daydream now some of you all must be on your phone some of you all must be doing other things please don&amp;#39;t do that because when a teacher teacher something for the first time any subject even your school teacher they will go very slowly and they will explod so it&amp;#39;s up to you to put it into your head the first time if you do that you will not forget because sometimes some people you all try to memorize the subject when you memorize you forget within one week you have forgotten but if you properly understand put it into your head that will stay in your head okay let&amp;#39;s start to right we&amp;#39;ll start start with something called economic behavior what is this economic behavior and what does this mean now you all know that people human beings like us we have various needs and wants needs and wants you all have heard no needs are things that are essential for survival wants are different different desires that we have so people have different needs and wants so these needs and wants also so can be classified into two so you can say physical needs and wants and you can also call them mental needs and wants if you take people&amp;#39;s needs and wants that&amp;#39;ll be physical and mental needs ands then if you look at what are physical needs and Bs physical needs or you can say even BS physical needs and wants we say are the needs or wants that can be directly fulfilled by consuming a good or service that can be fulfilled by consuming a good do service example your need for food you eat a bun you have a kotu it&amp;#39;s fulfilled so a physical b or a physical need is what something that can be fulfilled by consuming a good example food shelter clothing now what are mental needs or mental needs and wants those are guys those are the needs that cannot be directly fulfilled by consuming a good like what for example mentally need now some of you L you all need love you all need to you all need kindness you all need respect now if all of a sudden I starts folding your L folding you in fi and all you&amp;#39;ll be like what nonsense is this so that&amp;#39;s human nature right we need love and affection Right affection from your parents affection from whoever your other partner is so you all need that so that is what you call mental needs L now those needs you can&amp;#39;t get by consuming a good you can&amp;#39;t feel love by eating a you don&amp;#39;t get Love by eating a so you can&amp;#39;t get love Spiritual Development kindness respect right all of those those are what we call mental needs that is physical needs and mental needs physical needs are the needs that can be fulfilled by consuming a good mental needs are the ones that you can&amp;#39;t directly fulfill by consuming a good s now sadly I know y all would love to talk about love and all of that but in economics in economics we don&amp;#39;t talk about these mental needs in Eon they are not going to talk about how to find a partner how to find a girlfriend or a boyfriend how to get love how to get kindness no sadly no Eon is about okay here see they say look at this the activities and behavior performed by people who fulfill the physical needs and wants of a society using limited resources is called economic behavior what is economic behavior economic behavior is the different things that people do in order to fulfill their physical needs and wants now for example even this L right now what are you doing yall are attending a class attending a class means you&amp;#39;re consuming consuming doesn&amp;#39;t mean eating consuming means you&amp;#39;re getting it no so right now you&amp;#39;re are consuming education I don&amp;#39;t think you&amp;#39;re eating education you&amp;#39;re consuming education for what in order to fulfill your need for Education you all need to pass this exam so now you have joined this class because now you are taking two hours of your time Nic all are waiting after all this why are you sacrificing 2 hours then nicely you could have watched the movie but you&amp;#39;re still coming to this class for what to fulfill your need for education so this is economic behavior what you&amp;#39;re doing right now is economic beh you&amp;#39;re doing consumption so example production distribution and consumption of goods and Serv on your end right now what are you doing you&amp;#39;re consuming a good what do you think I am doing level what am I doing from production distrib tion consumption what am I doing I doing the production part of it no I&amp;#39;m I&amp;#39;m you can say the distribution also now right now now when you say distribution distribution means now if you take a good how it goes from the factory to the wholesaler then it comes to let&amp;#39;s say the retailer and then it comes to you that&amp;#39;s a distribution here we don&amp;#39;t have service service is no wholesal retail and all I&amp;#39;m just giving directly to you so I am doing both production and distribution that is me so all of us what are we doing we are engaging in economic behavior and also these things don&amp;#39;t memorize these are this small in stuff they won&amp;#39;t even ask sometimes just setting the tone trying to identify right so what did I tell so far I told you people have phys physical needs and wants what are physical needs and wants the needs and wants that can be fulfilled by consuming a good do service mental needs and wants needs and wants that cannot be fulfilled directly by consuming good do service in economics we don&amp;#39;t talk about mental needs and wants we are not going to find love and kindness and affection that is not our concern we are trying economic behavior is the different activities different things that people do to fulfill their physical needs and and box so that is that then mind also coming into what is economics now now what you will learn in economics also I will show you more interesting so what is economics number we say economics is a science economics is a science you all CH forers because you how many of you all hate science which one do you hate the most bio physics or chemistry all of yours which one you hate the most bio physics okay I hated bio I for some reason I just hate bio only thing I remember is mitochondria is the PowerHouse of the set I don&amp;#39;t know if you all hate that but I hatte it physics I little liked it and the numbers I&amp;#39;m little good with numbers I&amp;#39;m okay uh chemistry also not a big fan bio I hate right now now most of all since you all like Commerce better you all are doing Commerce now now I am Telling You economics is a science you know demotivating no you all are like I don&amp;#39;t want to do science that&amp;#39;s why I came to do Commerce but what science is economics now economics we say is a social science social science now something like biology is called Natural Science now shall I give you other examples of social sciences now example economics is a social science right so what is a social science a social science is something that studies about the behavior of people so in Eon also what we do is we try to study the behavior of people very different then for example you have things like this for example say psychology psychology also it studies about how people are thinking and now that&amp;#39;s also social s so eorn also we say is a social science not Natural Science biochemistry way it&amp;#39;s a social science so then why uh what is this subject about economics is about L now can you all tell me human bonds human bonds are limited the unlimited can you all tell me that human bonds you all would have learned this in whole levels no we in detail will learn if you have not learned don&amp;#39;t worry that is but just to if you all remember human bonds different things that we want so much of things know you want this you want that you want this you want that human bonds are unlimited what about the resources that we have the resources that we have to fulfill these BS think of the money will for example for now think of money will that&amp;#39;s it&amp;#39;s a more broader concept but uh think of the resources limited unlimited the resources we have are limited no now can you see there is a pry problem here our wants are unlimited we want 100,000 things but we have very limited resources so you know what is economics about economics is about using our limited resources with the little money with land labor capital and all we have with the limited resources we have how can we properly use it to fulfill our unlimited bonds that is what economics is what is economics economics is a subject that studies how unlimited BS we have unlimited BS so many different things we want no how you can satisfy your unlimited bonds with the Le lied resources we have here see look at the definition you see definition is saying listen very carefully now right after I explain this part and the next part I&amp;#39;m going to put you to a actual L level paper right I&amp;#39;m going to put you straight to the deep end now actual a level paper you will write two and a half years later after I finish syllabus five times and doing 100 different papers but I will now this is like me teaching you to swim using a note 10 putting you to the D so I will do that right after I properly listen and wait I&amp;#39;ll put you to straight to a level paper after this explanation and we&amp;#39;ll see how many of you all can get it correctly if you can get it correct the first time just think two and a half years later after studying so much of Time how easy the paper would be so listen G yeah so what is economics economics I say the subject which studies the relationship between scarce resources what is scar level scar means limited subject that studies the relationship between scarce Resources with alternative uses what does that mean alternative uses me now with your resources think of money we for now so with your money you can do different different things now now let&amp;#39;s say you have 3,000 now you can pay class fees you can buy some food you can go and watch a movie you have so much of different different uses now your SC resources your 3,000 rupees so much of different uses so economics is a subject that studies the relationship between your scarce Resources with alternative uses and the human oh another definition I can give you see economics is the science what science social science is a social science which study is what how unlimited human bonds are fulfilled through limited resources we have very limited resources alternative uses means we can do different different things take th rupees doesn&amp;#39;t your th rupees have alternative users with a th rupees okay you can put a phone reload you can go and watch a movie you can buy some food you have different different users right your limited resources have different different uses so how are we going to properly use those limited resources to satisfy our unlimited BS that is what economics is the B is that clear for now now some of these parts we have not gone in the unit we will go into detail but now is the broad story okay what economics is with limited resources how are we trying to satisfy our unlimited so it also invols how to make proper choices we have little resources so how to make a proper choice and it studies about how we make correct choices and how we get the best use of our resources it&amp;#39;s about this just make a small note here also about choices and how we make proper choices I come I will repeat the whole thing again also don&amp;#39;t then am I coming into this I will do this part and then we will end the class to okay we&amp;#39;ll do the past papers and then the class right okay we&amp;#39;ll talk about the branches of Economics branches not a tree but economics my broadly has two branches one is microeconomics the other branches called macroeconomics what do you think the difference is okay tell me what is micro tell me the English meaning of if someone says micro what does Micro mean what do you all think micro means small no so does that mean uh microeconomics is yes body microeconomics is p economics or small economics what is microeconomics microeconomics is you study about a small part of the economy you study about a small part of the economy so when you take a economy number think of entire country Sri Lankan economy so Sri Lankan economy is there but if you are studying about individuals how one person is behaving for example your individual demand how much goods and services you&amp;#39;re buying how then how a household is functioning maybe your household how much of money is your family spending how much of money are you all saving we are studying about a small part of the economy entire country but we are studying about one person or one household or maybe about one firm so we are talking about cargills how much is the cost for cargills or electricity how much is their salaries so when you talk about a very small part of the economy firm means a company LEL a business firm so if you&amp;#39;re talking about a small part of an economy that is what you call microeconomics what is microeconomics it is the study it is the branch of Economics that focuses on a small part of data we&amp;#39;ll go into detail then what is macroeconomics definitions you can write in your own words but the keywords have to be there you can&amp;#39;t come up with completely then what is macroeconomics macroeconomics I say is the branch of Economics now macro means big no macro is Big so BRS of Economics that studies about the overall economy we are not studying about how one individual one firm uh one houseold how they are working we are not studying about that we are studying about the entire economy entire country so shall I give some examples of this for you all to understand better now here examples of macro now these examples you all don&amp;#39;t have to know these all we will learn in the future for example aggregate output aggregate income unit number six uh this one unit number five inflation unit number seven employment unemployment unit 11 and so you I don&amp;#39;t want you all to understand what each of these mean Neal but what I want you all to understand is that these are macroeconomics I&amp;#39;ll take some easy things that you all know for example inflation what is inflation inflation is where the prices are increasing so someone now can you tell me did Sri Lanka have high levels of inflation or not during the economic crisis 2022 yes or no we talk about the reasons and all why we had it later we had no so when we talk about something like inflation are we talking about a small part of the economy no we are saying Sri Lanka&amp;#39;s inflation rate is 10% what does that mean that means in Sri Lanka prices have increased by 10% so that is macroeconomy you&amp;#39;re talking about broader economy now for example when someone comes say okay the unemployment rate in Sri Lanka is 5% what does that mean 5% of people don&amp;#39;t have jobs so are we talking about a small part no we&amp;#39;re talking about the overall economy right so we please don&amp;#39;t worry about what this like I said before don&amp;#39;t worry about what inflation what these are these are future units we will study yeah inflation is 40 around 30% of unit number S I don&amp;#39;t want you to know what is inflation what is unemployment what I want you all to try to understand is that these are macroeconomic another thing that you all know for example exchange rate now you all know exchange rates can someone tell me I know if you aware how much Rupees is the dollar now right now I don&amp;#39;t want the exact number roughly broad at least you have aoad $1 is how many Rupees roughly here right now it&amp;#39;s roughly around 300 I think today it was around 303 or 304 so roughly around C now when you take something like exchange rate are we saying exchange rate of a firm exchange rate of individual no we are saying exchange rate of Sri Lanka so when you&amp;#39;re talking about the entire economy something like here uh exports Imports money supply exchange rate balance of payment now you all don&amp;#39;t have to know what these are these we learn now now balance of payment unit number 10 exchange rate unit number 10 money supply unit number seven exports import unit number nine these are separate big big units we will learn but what I&amp;#39;m trying to teach you is these are macroeconomic Concepts where you talk about the broader economy then once again what is microeconomics microeconomics is when you talk about one small part of the economy let&amp;#39;s say the demand for mobile phones demand for mobile pH so we are talking about about one good our demand for mobile for someone will say are these days uh demand for mobile phones have increased that means people are buying more and more phones only mobile phones one small part of the economy economy is not only producing mobile phones economy is producing millions and millions of things so if you talk about a small part here see examples studying the demand and supply of a good of one good so for example someone will ask okay ared how much is the demand for your class so I will say okay right now my class there is 1301 people okay that is my demand so one good right my class one good then here production function of a firm production cost of a firm what these are we will learn see when you talk about one firm okay AR said how much is your cost for printing tooth so my firm is let&amp;#39;s say Itor so I said what is your cost for itl for one month for doing classes now you will say Okay electricity is there Website Maintenance cost is there uh T printing is there okay this is my cost what is that micro they are focusing only on my cost a small part of the economy so once again here there are other Concepts also scity these and all we will learn unit number one and all choices uh how one firm is working yes firms mean businesses now okay so that is the two branches so in your Eon syllabus unit number one covers overall everything unit number two three and four are microeconomics unit un unit number you have 12 units one is Introduction there is no micro macro unit one is also mostly micro but yeah macroeconomics is from unit number five to unit number 12 macro is the one more interesting line we&amp;#39;ll talk about inflation why is the price in Sri Lanka going up what is the government doing why is this ran playing the full is at doing okay what did goab do at that time why did our price go up why did we have the fuel shortage why were we standing in the C to buy gas cylinders you talk about all of those very very interesting things when you understand the economic side behind that those are mostly macroeconomics so once again quickly summarizing and then we&amp;#39;ll move into a past paper we&amp;#39;ll see how many of you all can get it right summarizing the story economic behavior what is economic behavior economic behavior is the activities that we we do to fulfill our physical needs and want so mainly there are three activities consumption distribution and production no order you can say production distribution and consumption then what is economics economics is a social science social science mean studies about people economics is a social science that does what that studies how people using their limited resources how we properly make choices and all or our scarce resources how we properly make choices and all and how we try to satisfy our unlimited wants that is economics using our limited resources how are we going to satisfy our unlimited work that is what economics is a about then there are two branches for econ what are the two branches micro and macroeconomics what is microeconomics microeconomics is the branch that studies about the small part of the economy it studies the behavior of a firm of one individual of one product of one household you studing about a small part what is the cost of a firm what is the demand for one good what is the uh What uh let&amp;#39;s say how much is one person&amp;#39;s income that is microeconomics if you study about the overall economy that is called macroeconomics exchange rate of Sri Lanka interest rate in the country what is the economic growth rate unemployment levels inflation rate are those are macroeconomics and also one more thing in your to here and there you will have certain QR codes so these QR codes will take you to certain YouTube videos that&amp;#39;s another I&amp;#39;ll say study tip number three two after you learn a certain area L for watch watch a YouTube video on that area read something on the Internet then you remember it better so how do you uh use a QR code you don&amp;#39;t have to have a separate app or anything just open your phone camera I don&amp;#39;t have to teach you all this but open your phone camera and try to take a picture of this QR code when you try to take a don&amp;#39;t you don&amp;#39;t have to take a picture when you SC when you&amp;#39;re holding the camera to the QR code a small popup will come you click on that it&amp;#39;ll take you to the Le and uh if someone now for some of your phones it might not work sometime someone who scans this and watches the video can you all share the link on the class group will help each other together and we&amp;#39;ll get things done okay so that is all that I&amp;#39;m explaining today I would love to explain the next part also but we don&amp;#39;t have the time so with that shall we quickly go through yes I think you can scan through Google also shall we quickly go through some P papers to see whether you actually understood this otherwise no matter how much you&amp;#39;re sitting and you&amp;#39;re learning but if you don&amp;#39;t get it so you can take your pass paper T if you have it if you have the printed one you can underline it in that if not let&amp;#39;s do it with me you can maybe unline pencil and keep or that&amp;#39;s okay that&amp;#39;s up to you so we&amp;#39;ll go with the first one now this is the actual pass paper question now the 2011 level pass paper question mcqs I told you so mcqs have five options so we can&amp;#39;t do others we can do McQ number two so we&amp;#39;ll see how many of you all can give me the correct answer I&amp;#39;ll read the question don&amp;#39;t hurry give me an answer the branch of Economics that studies the decisions of individual households and firms is called one macroeconomic two microeconomics three positive economics four normative economics five four me if you are listening please give me an answer right or wrong that&amp;#39;s okay come on now even if you get it wrong you will at least remember it for the rest of your life the first day itself I went and I got a question wrong never mind don&amp;#39;t feel sry you send the answer only for me so I&amp;#39;ve got right now I&amp;#39;ve got around 90 answers there is a few more people others others others other which one the branch of Economics that studies decisions of individuals households and firms McQ number two I think all of you all got it correct I didn&amp;#39;t see any wrong answer I&amp;#39;m getting so many answers answers are going going going going going I didn&amp;#39;t see any wrong answer nice so the correct answer is what micro economics that&amp;#39;s number two so can you see how easy your paper is now see did you study this 10 15 times no you just listen to me in the last half an hour you got it correct all all the questions might not be very they I&amp;#39;ll show you some more questions so if you properly focus and imagine how much of work I told you I&amp;#39;m going to finish syab five times you&amp;#39;re going to do so much of things this paper is going to be a walk in the parama your minimum is 95 I will say okay so we&amp;#39;ll do a few more we&amp;#39;ll do around three four more questions can&amp;#39;t do can&amp;#39;t do can&amp;#39;t do can&amp;#39;t do this can&amp;#39;t do this oh this one what do you all think this should be a little tricky yeah see how many of you with along with the definition I gave you another keyword to write on the side of your Tut economics is the study of but scarcity of resources and full employment scarcity of resources and production scarcity of resources and choice scarcity of resources and efficiency scarcity of resources and substitutability 90% of you all are getting it right some people aing wrong that&amp;#39;s okay that&amp;#39;s okay this is this is like me teaching you all how to swim using Theory and putting you deep in that&amp;#39;s okay along the way we will learn and most of this I have to explain in detail also in the next part getting right which one do you all think 1 2 3 4 five economics study or what economics more complete it&amp;#39;s the study about scarce resources okay scarce resources using our scarce resources how do we make choices to fulfill our unlimited gos so the most correct answer out of this is answer number three scarcity is the choice of scarcity of Economics study of resources and S this part will learn a little bit more in detail right now you&amp;#39;re little conf in this choice we will learn that&amp;#39;s there don&amp;#39;t okay that is done right two MC we&amp;#39;ll see at the end how much you all get out of the total so so far most of you are two out of two 2015 question number one which of the following is a microeconomic statement what is microeconomic where you focus on one small part maybe one product one one firm one uh individual that is micro see which one the price of rubber declined by 10% last year rubber price has gone up unemployment was 58% real GDP cross domestic product has increased by 7% general price level general price level means inflation increased by 4% tax revenue of the government decreased by 8% which of this do you think is the microeconomic part that focuses on a small part that means four of these are talking about the entire country entire economy one of this is talking about a small part about one good or one firm or one individual which one 1 2 3 4 5 again I would say 95% of you got it correct some of you all that&amp;#39;s okay that&amp;#39;s okay don&amp;#39;t worry don&amp;#39;t feel bad of getting it Dr and trust me I don&amp;#39;t remember your name also I get around 100 messages trust me I will not remember your name I will not consider you stupid I will not do anything don&amp;#39;t and I&amp;#39;m not judging I never judge people also I don&amp;#39;t even ask what your all level result is anyway because what you were at all levels is complet different to what you are not so which what&amp;#39;s our answer number our answer is number one why number one price of rubber rubber is just one good there are are millions and millions of goods in the country L is one good so that is the microeconomic one you&amp;#39;re focusing only on rubber everything else unemployment GDP general price level tax revenue of the government those are all about the entire country but number one is a microeconomic nice I think apart from 10 students I got answers from every I hope the other 10 are not falling asleep right that we are done anything else scarcity we haven&amp;#39;t learned haven&amp;#39;t learned haven&amp;#39;t learned uh not Lear Lear Lear not Lear same thing is repeated never mind for our satisfaction we&amp;#39;ll do it 2019 question number one and that&amp;#39;s the best thing about past papers same branch of Economics that studies the de of individuals households and firms is called macro micro positive normative welfare economics they just ch the answer options it&amp;#39;s what stud is reasons of individuals households and firms that is microeconomics that&amp;#39;s easy don&amp;#39;t have to repeat same thing repeat one I want to find a little bit of a harder one 2021 with this we&amp;#39;ll wrap it off then we are done with five questions you know 2021 a levels question number one a more complete short definition of economics would be that economics is the study of study of what how employment opportunities in the society could be created to make citizens better off is the study of how countries trade goods and services in the global Marketplace is the study of how goods and services are produced without damaging the environment is the study of how unlimited resources are allocated among limited bonds be careful with the words how scarce resources are allocated to satisfy unlimited vs be very careful there are two answers that look the same same but are not the same complete nonsense they switch The Words which one is economics it&amp;#39;s a study of mon 1 2 3 4 5 answer answer number five how scarce resources limited resources are allocated to satisfy unlimited one some of you all I know went with answer number four but number four is saying unlimited resources unlimited resources and saying limited bonds limited bonds BS are unlimited resources four and five has switch the two words so number five central problem yeah that is all that we can do for now we only studed for 30 minutes 30 minutes you can&amp;#39;t do the entire unit uh how much did you all get five out of five at least three out of five that is at least your 60% there more than 50% at least three yes out of nice so don&amp;#39;t you think now this thing you need to be proud of yourself what did we do have you learned Eon before no we have not done Eon for all levels Eon was not there for you have not started school I&amp;#39;m guessing so you haven&amp;#39;t learned Eon anywhere else all but you did this you learned Eon for 30 minutes with we started at 8:35 today now it&amp;#39;s uh little past our class finishing time but never mind until 910 for 30 minutes you started you didn&amp;#39;t even some of you all don&amp;#39;t even have the cute to refer and go back you didn&amp;#39;t even take time after the class to start so you just listen to me for 30 minutes and you still got the mcqs right so on one end you definitely have to be proud of yourself you&amp;#39;re getting this on the other end it&amp;#39;s working that&amp;#39;s why Always every subject level now these questions now I didn&amp;#39;t make these questions easy know sometimes to make you all feel better I will give you all easy question then you all will think this fellow is teaching nice these are not questions I made these are direct P papers you go to the original paper and this question is there so these are actual a level pass paper question the are the questions you will get in your paper also this similar time so even in the first class after learning for 30 minutes you you can get it right you&amp;#39;re already at a good level so all what you have to do is properly attend the class listen during that two hours when you get the T I&amp;#39;ll give you a study plan also little by little okay so maybe for today what you can do is just read through the first two pages that we did that&amp;#39;s all that will take you around 15 minutes just go through that remember what is economics remember what is micro macro economics fine then next class we can get into uh the remaining parts so we&amp;#39;ll wrap it off from there since we are already uh above the time and gone beyond Eon gets very very interesting especially in the latter part of the units uh we&amp;#39;ll talk about all of those so that&amp;#39;s it we&amp;#39;ll call it off there uh if anyone has questions you can definitely stay and clarify you can drop me a text on WhatsApp also guys on WhatsApp I will reply as soon as possible because I get around hundreds and hundreds of messages little by little I will uh reply don&amp;#39;t worry I will somehow rep so with that we&amp;#39;ll call it off and I will see you all by next Thursday again same time 7 to9 hopefully by that time all of you all will have the printer D with you uh if I already qu the T for you Lama you can&amp;#39;t collect it from my place because all is great if not you can collect so with that we&amp;#39;ll wrap it off I&amp;#39;ll see you all next Thursday

Transcript for:Economics Lecture 1

Transcript for:
Economics Lecture 1