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
Method of Economic Analysis: Positive V. Normative Economics
1.2 The economic concepts of scarcity and choice
Scarcity, Choice and Opportunity Cost
Production Possibility Curve / Frontier
1.3 Economic, social and environmental sustainability
Sustainable development is defined as development that meets the needs of the present generation without compromising the ability of the future generations to meet their own needs
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