Students will be able to
- understand that the core of the economic problem is the relative scarcity of resources,
- understand that choices are made to allocate resources and maximize benefits,
- understand the relationship between scarcity choice and opportunity cost,
- understand the importance of information for decision making in economics and how the lack of information can lead to information failure,
- define the science of economics,
- understand the definitions and differences between four fields of economics: macroeconomics, microeconomics, welfare economics, and development economics.