Unit 1 of 6 · 12–15%
2 lessons
Basic Economic Concepts
Scarcity forces trade-offs. Models make those trade-offs visible.
- Scarcity and opportunity cost
- Production possibilities
- Comparative advantage
- Marginal analysis
- Scarcity, trade-offs, and the PPC — A production possibilities curve turns a trade-off into a picture.
- Comparative advantage and thinking at the margin — Specialize where your opportunity cost is lower, then decide one extra unit at a time.