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