In this Module, you will be introduced to the field of economics. You will learn some basic definitions including concepts like scarcity, economic way of thinking, ceteris paribus, and normative and positive economics. Realistically, before you continue with your exploration of microeconomics, it is especially important to understand these key economic concepts.
Module Outcomes:
Describe and apply marginal principle, principle of opportunity cost, principle of diminishing returns, comparative advantage, and elasticity.