ECN201-Principles of Economics: Every Thursday morning. RM801.

Описание: Economics is the social science that studies how society uses its limited resources to satisfy unlimited wants. It analyzes the production, distribution, and consumption of goods and services, examining how individuals, businesses, and governments make decisions in the face of scarcity. Key concepts include scarcity, which is the fundamental problem of not having enough resources, and opportunity cost, the value of the next best alternative that is given up when a choice is made.  

Core principles

Scarcity: 

The fundamental economic problem that arises because people have unlimited wants and needs, but resources (like time, money, and raw materials) are limited. 

Decision-making: 

Economics is about how people and groups make choices about what to produce, how to produce it, and for whom to produce it. 

Incentives: 

People respond to incentives, and understanding these incentives is key to predicting behavior. 

Opportunity cost: 

The cost of a choice is the value of the next best alternative that you give up. For example, the opportunity cost of going to a concert could be not buying a new bike. 

Trade-offs: 

Every decision involves a trade-off, where you have to give up one thing to get another.