Foundation of Economics

Reading Topics Pages Notes Due

Scarcity, choice and opportunity cost 1-9 Tuesday, August 6
The fundamental problem of economics: scarcity p. 4 Test Your Understanding 1.3, Question 4
and choice
Three basic economic questions: resource
allocation and output/income distribution
Resources as a factor of production
Scarcity, choice and opportunity cost: the
economic perspective
The production possibilities model
Economics as a social science
The nature and method of economics

VIDEO
Rolling Stones You cant always get what you want
https://www.youtube.com/watch?v=EM_p1Az05Jo

Economics as a social science (continued) 10-16 Thursday, August 8

Two assumptions in economic model-building Test Your Understanding 1.8 #2
Positive and normative concepts
Test Your Understanding 1.9 - #2
Microeconomics and macroeconomics
1.1 Central themes Test Your Understanding 1.10 #2
The distinction between economic growth and Test Your Understanding 1.11 - #2
economic development Test Your Understanding 1.12 - #1
Current patterns of resource allocation as a threat
to sustainability
The extent to which governments should
intervene in the allocation of resources
The extent to which the goals of economic
efficiency and equity might conflict

Quiz Monday, August 12