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Intro to Econ - Coggle Diagram
Intro to Econ
What is Economics
Econ as a social science
- social nature of econ
- micro & macro
- 9 Key Concepts: scarcity, choice, efficiency, equity, economic well-being, sustainability, change, interdependence, intervention
The problem of choice
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Opp Cost:
- cost of choice
- free goods
Basic Econ Questions:
- what to produce?
- how to produce?
- for whom to produce?
How to answer the econ questions:
- market vs govt intervention
- Econ systems: free market, planned, & mixed
PPC
- assumptions of the model
- increasing versus constant app cost
- features: opp cost, scarcity, choice, unemployment of resources, efficiency, actual growth, and growth in prod possibilities
Modelling the economy
- circular flow of income model
- interdependence between econ decision-makers: households, firms, the govt, banks/financial sector, and the foreign sector (firms and households)
- leakages & injections
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