Unit 1: Basic Economic Concepts
900 possible mastery points
About this unitLearn 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.
- Calculating opportunity costs from a production possibilities curve (PPC)Get 3 of 4 questions to level up!
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