Introduction to economics

Session Summary: Introduction to Economics In today's session, we introduced the fundamental concepts of Economics, focusing on the basic principles that govern how societies allocate scarce resources to meet the needs and wants of individuals and groups.

In this 60-minute session, we will introduce students to the fundamental concepts of Economics, providing a foundational understanding of how individuals and societies make decisions regarding the allocation of scarce resources. The session will cover key economic principles and introduce core economic tools to help students grasp the basics of economic decision-making. Key Focus Areas: What is Economics? We will define Economics as the study of how people make choices in a world of limited resources and explore its relevance in everyday life. Scarcity and Opportunity Cost: Students will learn about scarcity, the basic economic problem, and how it leads to opportunity cost — the value of what is forgone when choosing one option over another. Basic Economic Questions: We will examine the three essential questions every economy must answer: What to produce? How to produce? For whom to produce? Factors of Production: Students will gain an understanding of the four key factors of production: land, labor, capital, and entrepreneurship, and how these interact to create goods and services. Introduction to the Production Possibilities Frontier (PPF): A brief explanation of the PPF will be provided to illustrate the concept of trade-offs and opportunity cost, helping students visualize economic choices and efficiency. Session Goals: To provide students with a basic understanding of Economics and its core concepts. To highlight how scarcity drives decision-making and the allocation of resources. To introduce fundamental tools like opportunity cost.