Introduction to the Central Themes of Economics

In our final lesson of the introductory unit in the Economics course we’ll explore some of the central themes that will guide our inquiry of the subject going forward. From the tradeoff between equity and efficiency to the distinction between growth and development to the role of government in the economy, several themes will form the basis of all inquiry in our study of Economics.

Scarcity, the Basic Economic Problem

What would you do if you showed up to class and there weren’t nearly enough chairs to go around? Well, you’re facing and economic problem that requires an economic system to solve! This lesson introduces the basic economic problem of scarcity and defines “Economics” and “Economic systems”, both key concepts for a student starting out on his or her journey to study the “dismal science”!