Introduction to Economics – Principles of Economics. Introductory lecture. Olzhas Kuzhakhmetov презентация
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- 2. Olzhas Kuzhakhmetov Importance of attending lectures -you will be examined on the basis of the entire
- 3. Olzhas Kuzhakhmetov Don’t think that you can bluff your way to a pass mark -the subject-matter
- 4. Olzhas Kuzhakhmetov Course structure L1. The nature and purpose of economics. Factors of production L2. Economic
- 5. Olzhas Kuzhakhmetov Before we define Economics we should important concepts Allocation – division or rationing of
- 6. Olzhas Kuzhakhmetov Before we define Economics we should important concepts So every economic decision involves trade-offs
- 7. Olzhas Kuzhakhmetov Another Example of Opportunity cost and Scarcity
- 8. Olzhas Kuzhakhmetov Economics is a study of allocation and distribution of scarce resources So what is
- 9. Olzhas Kuzhakhmetov Factors of production An economic term to describe the inputs that are used in
- 10. Olzhas Kuzhakhmetov Economic goods and free goods A free good is a good with zero opportunity
- 11. Olzhas Kuzhakhmetov Private goods and Public goods A product that must be purchased in order to
- 12. Olzhas Kuzhakhmetov Private goods and Public goods (cont.) A product that one individual can consume without
- 13. Olzhas Kuzhakhmetov Practice questions You win 100 dollars in a basketball pool. You have a choice
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