Economic Basic Concepts

Social Science that studies how society behaves in meeting their unlimited needs and wants faced with limited resources

Study of the behaviour of individual participants in the economy. Includes how prices are determined

Study of the sum of economic activity inside of regional, national and international study fields

Being just and fair in the allocation and use of economic resources

Value of the next best alternative given up

All other things being equal (used to explain economic models)

An economic statement that is based on individual opinion

An economic statement that is objective and can be tested against certain facts

A condition in which we have limited resources faced with unlimited needs and wants

When is totally no economic resource to meet prevailing needs and wants

When the available resource has more than one use at the same time or you do not have the ability to get the resource

Looks on how prices can be formed by means of market forces

Where economic resource is best allocated and put to their productive use

Monetary Economics Public Sector Economics Developmental Economics Labour Economics Environmental Economics International Economics

Unemployment Inflation Growth Monetary and Fiscal Policy