What is Economics?

Definition: The study of how people CHOOSE to use LIMITED RESOURCES to obtain the MAXIMUM SATISFACTION of UNLIMITED human WANTS

Scarcity and Choice

 

 

 

 

 

 

What is Structural Adjustment?

Definition: A series of economic policies designed to lessen the role of government in an economy and move it closer to a market economy

What we need to learn:

 

 

 

 

 

 

 

 

 

 

 

 

5 Fundamental Questions

  1. What to produce?
  2. How much to produce
  3. How to produce?
  4. for whom to produce?
  5. How does the system adapt to change?