1 Introduction to Economics

Key Concepts

Definitions of social science and economics http://opengecko.com/economics/introduction-to-economics-part-2/
Definitions of microeconomics and macroeconomics  
Definitions of growth, development, and sustainable development  
Positive and normative concepts  
Ceteris paribus  
Scarcity http://opengecko.com/economics/introduction-to-economics-part-1/
factors of production: land, labour, capital and management/entrepreneurship http://opengecko.com/economics/introduction-to-economics-part-1/
payments to factors of production: rent, wages, interest, profit  
utility: basic definition http://opengecko.com/economics/introduction-to-economics-part-2/
opportunity cost http://opengecko.com/economics/introduction-to-economics-part-1/
free and economic goods http://opengecko.com/economics/introduction-to-economics-part-1/

Production Possibility Curves

definition http://opengecko.com/economics/production-possibility-frontiers-or-ppfs/
diagrams showing opportunity cost, actual and potential output http://opengecko.com/economics/production-possibility-frontiers-or-ppfs/
diagrams showing economic growth and economic development http://opengecko.com/economics/production-possibility-frontiers-or-ppfs/

Rationing systems

basic economic questions
• what to produce?
• how to produce?
• for whom to produce?

 

mixed economies
• public
• private

 
central planning versus free market http://opengecko.com/economics/command-or-planned-economies/

http://opengecko.com/economics/market-economies/

economies in transition http://opengecko.com/economics/transition-economies/
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