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Economics Module - WCU

Introduction to Economics September 2019 ii Contents Chapter One .. 1 Basics of Economics .. 1 Definition of Economics .. 1 The rationales of Economics .. 2 Scope and method of analysis in Economics .. 2 Scope of Economics .. 2 Positive and normative analysis .. 4 Inductive and deductive reasoning in Economics .. 4 Scarcity, choice, opportunity cost and production possibilities frontier .. 5 Basic economic 10 economic systems .. 11 Capitalist economy .. 11 Command 13 Mixed economy .. 14 Decision making units and the circular flow model.

economics is the study of how human beings make choices to use scarce resources as they seek to satisfy their unlimited wants. Therefore, choice is at the heart of all decision-making. As an individual, family, and nation, we confront difficult choices about how to use limited resources

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