Unit 1
Introduction to Economics
Select a topic to view class notes, key terms, and practice questions.
1.1
What is Economics?
Economics as a social science, scarcity, choice, opportunity cost, factors of production, economic systems, PPC, and circular flow.
1.2
How Economists Approach the World
Positive and normative economics, economic methodology, and the history of economic thought from Adam Smith to behavioural economics.