Economics Homework CASE, SLP, and THREAD DISCUSSION

Module 1 - Home

Introduction to Economics

Modular Learning Outcomes

Upon successful completion of this module, the student will be able to satisfy the following outcomes:

•Case ◦Understand key economic terms such as scarcity, opportunity cost, marginality, in the way that economists use them.

◦Understand the production possibilities curve.

•SLP ◦Apply the concept of opportunity cost in decision making.

◦Understand the concept of factors of production.

•Discussion ◦Understand the difference between positive and normative economics.

◦Identify ways in which economic facts, action, and changes create ripples that eventually affect you.

Module Overview

This module marks the beginning of our understanding of how economists approach the world. We'll begin by developing our understanding of a number of key economic concepts. Like most fields of study, economics is in large measure about vocabulary—that is, the development of a specialized set of words, or at least words used in a specialized way. This vocabulary is intended to increase the precision with which economists use them. But it can also have the effect of reducing the ability of the non-specialist to understand what the economist is talking about.