Part I: Introduction

Graphs, Math, Equations, and Science in Economics

Is Economics a Science? Measuring Economic Data

Overview: Basics and a Taste of What’s to Come

What is economics? Definitions of economics, the economy, political economy. Economics is about making choices, not just about profit.

What Is Economics? Wellbeing and Welfare

We face tradeoffs every day Scarcity Cost-benefit analysis

The cost of something is what you give up to get it

Opportunity cost Real, relative, and nominal prices

Think about small changes first

Margins and Thinking at the Margin

Markets are usually a good way to organize economic activity

Efficiency

Economists agree on principles, differ on government policy.

Economic Systems

Thinking Like an Economist

Read and Listen Critically to the News

material to come

Supply and Demand Applies to Surprising Situations

Human Capital