HSS646 Principles of Economics

2022-01-13

Economic Agents

Optimization

Markets

Scarcity and Efficiency

Production Possibilty frontier

FoodLuxury Expenditure

Types of economy

Types of Market

In order of competition

Distinction based on-

10 Principles of Economics

  1. Tradeof
  2. Opportunity cost
  3. Rationality
  4. Incentive
  5. Trade and exchange
  6. Market - place to organize economic activity
  7. Government
  8. Productivity
  9. Price level stability
  10. Business cycle (inflation and unemployment)