Applying Economics in Everyday Life- Report

ORIENTATION PROGRAMME
Date: 20.01.2021
Speaker: Prof. Shobha . S
Topic: Applying Economics in Everyday Life
Time: 2:00 pm to 3:30 pm

IASMS conducted an Orientation Programme on the theme “Applying Economics in Everyday Life” on 20th January 2021 from 2:00 am to 3:30 pm in Seminar Hall 2. 1st semester MBA Students were present for the orientation programme.
The speaker emphasized on the following aspects:
The word 'economics' comes from two Greek words, 'eco' meaning home and 'nomos' meaning accounts. The subject has developed from being about how to keep the family accounts into the wide-ranging subject of today.
Adam Smith
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his 1776 book, "The Wealth of Nations."
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.
Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices. Income and expenditure, consumption and disposable income are certain basic economics that would be useful in our daily lives. Our lives are also influenced by macro-economic trends, such as inflation, interest rates and economic growth.
This session enabled the students to develop the ability to explain core economic terms, concepts, and theories.