Introduction to Concept in Economics

1. Economics and Social Sciences

• Experiments in Social Sciences
• The Ceteris Paribus Assumption

2. Foundation of Economics

• Scarcity and Unlimited Wants
• Economic Decisions
  • Marginal Analysis
  • Allocative Efficiency

3. The Fundamental Questions for Every Economy: Market vs. Command vs. Mixed Economies

• What Goods and Services Are Produced?
• How Are Goods and Services Produced?
• For Whom Are Goods and Services Produced?

4. Obstacles and Pitfalls in Economics

• Fallacy of Composition
• Unscrambling Cause and Effect
• Post Hoc Fallacy

5. Macroeconomics and Microeconomics
6. Positive Analysis and Normative Analysis
7. Math Review

• Linear Equations
  • Contextual Meaning of the Slope and the Y-Intercept
  • Direct Relationships
  • Inverse Relationships
• Graphing a Relationship Among Several Variables
• Absolute Change vs. Percent Change

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