Fundamental Concepts

FC1: Scarcity, needs/wants, TINSTAAFL, 3 basic questions

FC2: resources,economic growth,self-sufficiency

FC3: resource payments, allocation strategies, GDP, standard of living

FC4: reason for growth, goods/services, productivity, division of labor/specialization

FC5: Human capital, opportunity cost, cost/benefit analysis

FC6: Production Possibilities Curve (PPF)

FC7: Incentives, Economic systems

FC8: Econ/Social Goals, Voluntary exchange, Private property rights

FC9: Competition, consumer sovereignty, laissez faire, roles of government