Microeconomics > > Introduction to Economics
In this chapter, we introduce you to the essentials of economics. You’ll learn about important concepts like trade-offs, where you weigh costs against benefits, and scarcity, a key idea that explains why we can’t have everything we want.
We cover important principles of economics that will help you understand how economic decisions are made. Each principle is a building block in understanding the bigger economic picture.
To make these ideas more relatable, we’ve included interesting Sub Wikis:
- “Economic Perspectives: The Dilemma of the Two-Handed Economist” – This explores how economists think about problems from different angles.
- “Nunavut: A Study in Scarcity and Specialization” – A real-world example of how scarcity affects a community and how they adapt.
- “A City’s Transformation: The Truth or Consequences Story” – A unique story about how a city changed its name and its economic implications.
- “Adam Smith: The Formative Years of the Father of Economics” – Learn about Adam Smith, a key figure in economics, and his early life.
- “The Experiment That Taught Monkeys How to Use Money | Freakonomics” – This intriguing segment examines a unique experiment that highlights basic economic principles by teaching capuchin monkeys to use money, providing insights into economic behavior and decision-making.
- “What is economics? [American Economic Association]” – This part offers an overview of economics as defined by the American Economic Association, covering the breadth and depth of the field and its relevance in understanding the world.
Sub Wikis
- A City's Transformation: The Truth or Consequences Story
- Adam Smith: The Formative Years of the Father of Economics
- Economic Perspectives: The Dilemma of the Two-Handed Economist
- Nunavut: A Study in Scarcity and Specialization
- The Economic Value of Google Search
- The Economics of Movie Watching During Economic Downturns
- The Experiment That Taught Monkeys How to Use Money | Freakonomics
- The Opportunity Cost Principle in Car Ownership: AAA’s Your Driving Costs
- What is economics? [American Economic Association]