Introduction

IDevice Icon General Objective


The term economics comes from the Greek for oikos (house) and nomos (custom or law), hence "rules of the house (hold)."


 

• This introductory chapter covers a brief
discussion on what Economics is about.

• Examines the various definitions of economics.

• The three fundamental economic problems:
scarcity,
choice, and
opportunity cost.

• Definition and explanation of
economic goods,
free goods,
superior,
inferior, and
giffen goods.


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