What is Economics?

Definition: The study of how people CHOOSE to use LIMITED RESOURCES to obtain the MAXIMUM SATISFACTION of UNLIMITED human WANTS

Scarcity and Choice

 

 

 

 

 

 

 

 

 

 

What is Structural Adjustment?

Definition: A series of economic policies designed to lessen the role of government in an economy and move it closer to a market economy

What we need to learn:

 

 

 

 

 

 

 

 

 

 

 

 

5 Fundamental Questions

  1. What to produce?
  2. How to produce?
  3. Who gets what is produced?
  4. How does the system adapt to change?
  5. How will the system promote progress?