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Unit 1: Basic Economic Concepts
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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
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- ScarcityGet 3 of 4 questions to level up!
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- Resource allocation and economic systemsGet 3 of 4 questions to level up!
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- 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!
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- Comparative advantage and absolute advantageGet 3 of 4 questions to level up!
- The terms of tradeGet 3 of 4 questions to level up!
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- Total Utility and Marginal UtilityGet 3 of 4 questions to level up!
- Utility MaximizationGet 3 of 4 questions to level up!
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