Introduction

STRAND 1: WHAT IS ECONOMICS ABOUT?

  • 1.1 Economics as a way of thinking
  • 1.2 The economic concepts of scarcity and choice
  • 1.3 Economic, social and environmental sustainability

1.1 Economics as a way of thinking

Method of Economic Analysis: Positive V. Normative Economics

Positive V. Normative Economics

1.2 The economic concepts of scarcity and choice

Scarcity, Choice and Opportunity Cost

Defining Economics: Scarcity and Choice
Opportunity Cost: due to Economic problem of scarcity a

Production Possibility Curve / Frontier

Production Possibility Curve
Shifts in PPC

1.3 Economic, social and environmental sustainability

SUSTAINABLE DEVELOPMENT GOALS (SDG’s)

Sustainable development is defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

introduction to Economics Lorraine ClancyDownload

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