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Introduction to economics
In this chapter we introduce you to economics. We introduce you to the important concepts of scarcity, choice and opportunity cost. We explain these concepts using a production possibilities curve we use a production possibilities curves to illustrate different situations. We explain why economics is a social science, the difference between micro economics and macroeconomics, and the difference between positive and normative economics.
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- • 10 pages •
In this chapter we introduce you to economics. We introduce you to the important concepts of scarcity, choice and opportunity cost. We explain these concepts using a production possibilities curve we use a production possibilities curves to illustrate different situations. We explain why economics is a social science, the difference between micro economics and macroeconomics, and the difference between positive and normative economics.
Introduction to economics
We introduce you to economics. We introduce you to important concepts of scarcity, choice and opportunity cost. We explain these concepts with the aid of a production possibilities curve. Next we use production possibilities curves to illustrate different situations. We explain why economics is a social science, the difference between micro economics and macroeconomics, and the difference between positive and normative economics.
- Book
- Summary
- • 10 pages •
We introduce you to economics. We introduce you to important concepts of scarcity, choice and opportunity cost. We explain these concepts with the aid of a production possibilities curve. Next we use production possibilities curves to illustrate different situations. We explain why economics is a social science, the difference between micro economics and macroeconomics, and the difference between positive and normative economics.