what is economics

what is economics

1. scarcity and individual choice

   • individuals faced a scarcity of
     • time
     • spending power
     • facing this there is opportunity cost
       • explicit cost
         • dollar actually paid
       • implicit cost
         • the value of something sacrificed

2. scarcity and social choice

   • resources
     • Labor
     • capital
       • physical capital
       • human capital
     • Land
     • entrepreneurship

3. The world of economics

   • microeconomics
   • macroeconomics
   • positive economics
     • study of how economics work
   • normative economics
     • way to solve economics problem

4. why study economics

5. the methods of economics