Instructor
Caris Liew
Description
In this chapter you will learn how to:
- explain the fundamental economic problem of scarcity
- explain the need for individuals, firms and governments to make choices
- define the meaning of opportunity cost
- explain how opportunity cost results from the need to make choices
- explain the basic questions of resource allocation.
Curriculum
1.1.1 Fundamental economic problem of scarcity
1.1.2 Need to make choices at all levels (individuals, firms, governments)
1.1.3 Nature and definition of opportunity cost, arising from choices
1.1.4 Basic questions of resource allocation
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