Introduction to Economics

economic Growth And Development
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Economic Growth And Development

hat is the difference between Economic Growth and Development? We will start by defining Economic growth and development. It is possible to have economic growth without economic development. Economic growth in an economy is by an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a country’s total…

Factors of Production
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Factors of Production

The Basic Economic Problem he best way to introduce economics is by introducing the basic economic problem of scarcity. Since there are limited resources to produce goods, and there are unlimited human wants, we face a decision over the efficient allocation of these scarce resources or factors of production. When we choose how we allocate these factors…

Production Possibilites Curve
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Production Possibilities Frontier

he best way to show a country’s available resources and the maximum two goods produced from those resources is a Production Possibilities Frontier (PPF) or Production Possibilities Curve (PPC). One of the first things to note is that, often Economists make assumptions in models; such as “ceteris paribus” meaning all else remains the same or…

Types of Economies
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Types of Economies

he way scarce resources get distributed within an economy determines the type of economic system. There are four basic types of economies; traditional economy, market economy, command economy and mixed economy. Types of Economies Traditional Economic System This economic system is the most traditional and ancient type of economy in the world. Vast portions of the world still…

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