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Motivation and Philosophy

A Short Primer to Economics

1. Scarcity, Choice, and Opportunity Cost

1.1. Explain the problem of limited resources and unlimited wants.

1.2. Explain the concept of opportunity cost and the nature of trade-offs in the allocation of resources using production possibility curve analysis.

1.3. Apply the basic concept of comparative advantage in everyday living and explain its benefits in terms of specialisation, division of labour, and exchange.

1.4. Explain that economic agents make decisions to arrive at the best alternative based on their objective.

1.5. Understand that economic agents weigh the incremental benefits against incremental costs in decision-making.

  • Define economic agents.
  • Define objectives.
    It’s all about me.
  • Explain the concept of rationality.
    I don’t need sleep…
  • Define incremental benefits.
  • Define incremental costs.
  • Use a mathematical or graphical framework to explain these concepts.
    Marginal
    Marginal Costs
  • Provide an example of such decision making in real life

This series has been terminated as of 28/02/2015.

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