1 Introduction
Completion requirements
Economics is the study of scarcity.
Individuals and societies decide how best to use their scarce resources
to satisfy their wants. This doesn't mean there is a lack of things in the world (such as clean water, food, houses, roads, hotels, cars, and money). It means that, because
these resources are scarce, we must choose among alternatives. We devise systems to share scarce resources among ourselves.
Globally, economists are interested in finding the best methods of sharing scarce resources - the best systems and strategies.
On completion of this unit, you will be able to
Globally, economists are interested in finding the best methods of sharing scarce resources - the best systems and strategies.
On completion of this unit, you will be able to
- identify and compare various economic models,
- describe the factors of production,
- identify three fundamental economic questions, and
- identify and evaluate the various economic indicators that influence personal income.