Table of Contents
Economics: Scarcity & Choice
Introduction
What will we do in this class?
Another way to find your syllabus ...
Economics is about choices ...
What is economics?
What is economics?
Scarce Resources ...
Scarce Resources ...
More Scarce Resources ...
Unlimited Wants ...
Unlimited Wants ...
Not just an academic concept ...
Unlimited Wants, But Scarce Resources Require Us to Make Choices ...
Three Important Economic Questions
What?
How?
Who?
Economic Systems
Types of Economic Systems
More Economic Systems ...
And Another Economic System ...
The Garden of Eden?
The Returns to Scarce Resources
Individual Choice: The Art of Economic Analysis
Opportunity Cost
Rational Self Interest ...
Marginal Analysis
Marginal Analysis
Sunk Cost
Sunk Cost
Sunk Cost
Information is Costly
Information is Costly
Theory: the Science of Economic Analysis
Some Pitfalls of Economic Analysis
Some Important Terms
Occam’s Razor
Important Ideas in Chapter 1
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