What This Document Is
This document represents Module 01 for EC 2900: Global Economic, Business and Social Issues at Wright State University. It’s a foundational exploration of core economic principles, serving as an introductory overview to the field. The module focuses on establishing a fundamental understanding of how economies function and the key concepts used to analyze them. It delves into the core problem of scarcity and how individuals and societies make choices in response.
Why This Document Matters
This module is crucial for any student beginning their study of economics, business, or related social sciences. It’s particularly beneficial for those seeking to understand the underlying forces that shape global markets, business strategies, and societal well-being. Students will find this module helpful as they begin to build a framework for analyzing complex economic issues encountered throughout the course and in their future careers. It’s best reviewed *before* diving into more specialized topics, as it lays the groundwork for subsequent modules.
Common Limitations or Challenges
This module provides a theoretical foundation and does not offer specific case studies or current event analyses. It focuses on establishing core concepts and models, rather than providing detailed applications to real-world scenarios. While it introduces the tools for economic thinking, it doesn’t offer pre-solved problems or detailed predictions about market behavior. It’s a starting point, designed to be supplemented with further learning and practical application.
What This Document Provides
* An introduction to the fundamental definition of economics and its scope.
* Exploration of the concept of opportunity cost and its significance in decision-making.
* A visual model used to illustrate scarcity, trade-offs, and efficient resource allocation.
* An overview of key economic actors and their interactions within a system.
* An introduction to the principles of marginal analysis and economic optimization.
* A distinction between positive and normative economic analysis.
* Discussion of the role of incentives in influencing economic behavior.
