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# Unit 1: Basic Economic Concepts

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## About this unit

Learn how different types of economies make decisions about what to produce and how to distribute resources. We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities. We'll also dive into why specialization and exchange are so important, and how property rights and incentives help keep free markets functioning.### Learn

### Practice

- ScarcityGet 3 of 4 questions to level up!

### Practice

- Resource allocation and economic systemsGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 160 Mastery points

### Learn

### Practice

- Interpreting graphs of the production possibilities curve (PPC)Get 3 of 4 questions to level up!
- Calculating opportunity costs from a production possibilities curve (PPC)Get 3 of 4 questions to level up!

### Learn

### Practice

- Comparative advantage and absolute advantageGet 3 of 4 questions to level up!
- The terms of tradeGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 320 Mastery points

### Learn

### Practice

- Total Utility and Marginal UtilityGet 3 of 4 questions to level up!
- Utility MaximizationGet 3 of 4 questions to level up!

Level up on the above skills and collect up to 240 Mastery points

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Level up on all the skills in this unit and collect up to 900 Mastery points!#### Unit test

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