Introduction To Economic Concepts 111 (ECON101)

CONTENT Introduction What is Economics? Two big Economic questions Economic way of thinking Economic terms you should familiarize yourself with Common fallacies in Economics Graphing Data

CONTENT Define the Production Possibilities Frontier and use it to calculate opportunity cost. - Using resources efficiently - Economic Growth - Gains from Trade - Economic Coordination Exercise answers

CONTENT Market and Prices Demand Supply Market Equilibrium

CONTENT Price Elasticity of Demand More Elasticities of Demand Price elasticity of Supply

CONTENT ●Efficiency and Equity 1) Resource allocation methods 2) Benefit, cost and surplus 3) Is the competitive market efficient ? 4) is the competitive market fair?

Content... 6. Markets - A housing market with a rent ceiling -A labour market with a minimum wage -Taxes -Subsidies and quotas -Market for illegal goods