1.

1
Scarcity, choice, and
opportunity cost
I. What is economics?
II. Scarcity
III. Economic systems
a. Command economy
i. Communism
b. Free market
i. Laissez-faire
IV. Ceteris Peribus
V. Opportunity cost
a. Explicit costs and implicit costs
VI. Maginalism
VII. Efficient markets
a. Allocative efficiency
VIII. Production possibility curve (PPC)/Production possibility

frontier (PPF)
a. Constant opportunity cost
b. Increasing opportunity cost
IX. Trade off
X. Incentives