“c01ThinkingLikeAnEconomist_PrintPDF” — 2022/7/18 — 23:09 — page 3 — #1
TOPIC
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Thinking like an economist
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UNIT 1 AREA OF STUDY 1
Thinking like an economist
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OUTCOME 1
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On completion of this unit the student should be able to describe the basic economic problem, discuss the role of consumers, businesses and the government in the economy, and analyse the factors that affect economic decision making.
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Overview ...................................................................................................................................................................... 4 What is economics? ................................................................................................................................................ 6 The basic economic problem of relative scarcity ...................................................................................... 11 Making economic decisions .............................................................................................................................. 20 Decision making in different economic systems ....................................................................................... 26 Consumers and their behaviour as economic agents ............................................................................. 40 Businesses and their behaviour as economic agents ............................................................................. 46 Governments and their role as economic agents ......................................................................................45 Review ........................................................................................................................................................................ 55
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1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9
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LEARNING SEQUENCE
