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Economics Basics Tutorial - i.investopedia.com
(Page 1 of 22) Copyright 2010, - All rights reserved. Economics Basics Tutorial Thanks very much for downloading the printable version of this Tutorial . As always, we welcome any feedback or suggestions. Table of Contents 1) economic Basics : Introduction 2) economic Basics : What Is Economics ? 3) economic Basics : Production Possibility Frontier, Growth, Opportunity Cost and Trade 4) economic Basics : Demand and Supply 5) economic Basics : Elasticity 6) economic Basics : Utility 7) economic Basics : Monopolies, Oligopolies, and Perfect Competition 8) economic Basics : Conclusion Economics Basics : Introduction Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants. As an individual, for example, you face the problem of having only limited resources with which to fulfill your wants and needs, as a result, you must make certain choices with your money.
The command economic system relies on the government to decide how the country's resources would best be allocated. In both systems, however, scarcity and unlimited wants force governments and individuals to decide how best to manage resources and allocate them in the most efficient way possible. Nevertheless, there are always
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