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…
Property rights
Markets are efficient at producing private goods, largely because producers and consumers…
Merit goods and positive consumption externalities
With education, few students will know with any precision the benefit to themselves…
