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Unit: Basic economic concepts

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.

Introduction to economics

Learn

Practice

Economic systems

Learn

Practice

Quiz 1

Identify your areas for growth in these lessons:
Introduction to economics
Economic systems

Production possibilities frontier

Learn

Practice

Comparative advantage and the terms of trade

Learn

Practice

Quiz 2

Identify your areas for growth in these lessons:
Production possibilities frontier
Comparative advantage and the terms of trade

Unit test

Test your understanding of Basic economic concepts with these 9 questions.