{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

NOTE_Lecture_1__-_intro_to_economics

NOTE_Lecture_1__-_intro_to_economics - Intro to economics...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Intro to economics Objectives What is “economics”? Scope & definition Three basic economic questions Circular flow model Microeconomics vs. macroeconomics Economic theory vs. reality Opportunity cost & the production possibility frontier (PPF) Law of increasing opportunity costs What is economics all about? Social science = study of human behavior Basis of economics = scarcity
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon