What you’ll learn to do: explain what economics is and why it’s important
This section introduces the fundamental assumption of economics, scarcity—that is, that the resources we need are limited—and the associated implications. Economics is, simply stated, the study of choice given the assumption of scarcity. A second key concept introduced is that of opportunity cost, or the next best alternative.
Contribute!
Did you have an idea for improving this content? We’d love your input.
