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Summary What is economics- scarcity, choice, opportunity cost and the PPC curve
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Basic definition of Economics Scarcity, choice, opp. cost PPC curve, the effects on it including diagrams Definition of consumer and capital good types

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  • August 19, 2022
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  • 2022/2023
  • Summary

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Economics

Unit 1: What is Economics all about

Definition: Economics is the study of human behaviour as a social science as a relationship between
ends and scarce means that have alternative uses. Empirical science.

Ceteris Paribus= conditional law stating that provided all other things remain the same

Important elements:

 Human Behaviour- Different human reactions in same conditions
 Social Science- Social Experiments
 Ends- *Returns on resources
 Scarce Means- Limited resources

Resources and *Returns

! FACTORS OF PRODUCTION !

1. Capital= Interest  Scarce Resources
2. Entrepreneurship= Profit  Problem stands as how
3. Land= Rent to manage these
4. Labour= Salaries and Wages



Scarcity = Choice = Opportunity Cost
Scarcity= Resources limited in supply relative to demand (Permanent issue)

Choice= caused by scarcity

Opportunity cost/Implicit cost= Benefit of next best alternative given up. (Price to pay for forgone
option) Cost is attributed to next best. Opp. cost occurs every time a choice is made.
Dependent
Wants= Things we would like, but can live without. Unlimited wants-limited resources
on lifestyle
Wants include biological, spiritual , material, social and cultural. and income
etc
Needs= Things needed to survive

Not absolutely unlimited

Demand= Purchasing power, willingness and ability.

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