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:

1. “Economic Perspectives: The Dilemma of the Two-Handed Economist” – This explores how economists think about problems from different angles.
2. “Nunavut: A Study in Scarcity and Specialization” – A real-world example of how scarcity affects a community and how they adapt.
3. “A City’s Transformation: The Truth or Consequences Story” – A unique story about how a city changed its name and its economic implications.
4. “Adam Smith: The Formative Years of the Father of Economics” – Learn about Adam Smith, a key figure in economics, and his early life.
5. “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.
6. “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.