Cost-Benefit Analysis
Introduction ● Cost-benefit analysis and benefit-cost analysis refer to the same thing--weighing the…
Economic Systems
Introduction Definitions and Basics ● Capitalism, from the Concise Encyclopedia of Economics ● Capitalism, a term…
Efficiency
Introduction Definitions and Basics ● Efficiency, by Paul Heyne, from the Concise Encyclopedia of Economics…
Scarcity
Introduction ● In economics, scarcity refers to limitations--limited goods or services, limited time,…
Is Economics a Science?
Introduction ● Everyone recognizes that physics is a science. Everyone also recognizes economics--a…
The study of economics
The study of economics involves three related investigations. 1. Why scarce resources are exchanged?…
Property rights
Markets are efficient at producing private goods, largely because producers and consumers…
Education as a merit good
In compensating for the failure of markets to supply public andmerit goods, central and local…
