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
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basic economic questions |
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mixed economies |
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| central planning versus free market | http://opengecko.com/economics/command-or-planned-economies/ |
| economies in transition | http://opengecko.com/economics/transition-economies/ |
