Date: 2023-10-28

Topic: Introduction to Economics

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I. What is Economics?
A. Definition: The study of how societies allocate scarce resources to satisfy unlimited wants
and needs.
B. Key concepts: Scarcity, opportunity cost, supply, demand, incentives.

II. Microeconomics vs. Macroeconomics

A. Microeconomics: Study of individual economic units (e.g., households, firms).
B. Macroeconomics: Study of the economy as a whole (e.g., GDP, inflation, unemployment).

III. Basic Economic Principles

A. Law of Supply and Demand.
B. Production Possibility Frontier (PPF).
C. Marginal Analysis: Comparing benefits and costs at the margin.

IV. Types of Economic Systems

A. Market Economy: Decisions made by individuals and businesses.
B. Command Economy: Central authority (government) makes decisions.
C. Mixed Economy: Combines elements of market and command economies.

V. Key Economic Indicators

A. Gross Domestic Product (GDP).
B. Inflation Rate.
C. Unemployment Rate.

VI. Economic Policy Tools

A. Fiscal Policy: Government spending and taxation.
B. Monetary Policy: Control of money supply and interest rates.

VII. Economic Theories

A. Keynes