Introduction to Economic Concepts
Business · 5th Year · The Economic and Business Environment · 1.º Período

Introduction to Economic Concepts

Students explore the foundational economic concepts of scarcity, choice, and opportunity cost. They will analyse how these principles affect decision-making for individuals and businesses.

NCCA Curriculum SpecificationsLC Economics Strand 1.1: The economic problemLC Economics Strand 1.2: Economic decision making

About This Topic

Students explore the foundational economic concepts of scarcity, choice, and opportunity cost. They will analyse how these principles affect decision-making for individuals and businesses.

Key Questions

  1. What is the economic problem of scarcity?
  2. How does opportunity cost influence business decisions?
  3. What are the factors of production?

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