CLICK HERE: Origin of the Ideas

Definition of Economics: the social science concerned with how individuals, institututions, and society make optimal choices under conditions of scarcity.

• The Economic Perspective
  • Scarcity and Choice
  • Purposeful Behavior
  • Marginal Analysis: Benefits and Costs

• Theories, Principles and Models

• Macroeconomics and Microeconomics
  • Macroeconomics
  • Microeconomics
  • Positive vs. Normative Economics

• Individual's Economizing Problem
  • Limited Income
  • Unlimited Wants
  • Tradeoffs and Opportunity Costs

• Society's Economizing Problem
  • Scarce Resources
  • Resource Categories

• Production Possibilities Model
  • Production Possibilities Table
  • Production Possibilities Curve (PPC)
  • Law of Increasing Opportunity Cost
  • Optimal Allocation

• Unemployment, Growth, and the Future
  • A Growing Economy
  • Present Choices and Future Possibilities
  • International Trade
  Impact of Trade