Introduction to Economics

📋 Course Outline

1. Economic and Economical
2. Economy and Economics
3. Scarcity and Economic Choice
4. The Cost-Benefit Principle
5. Microeconomics and Macroeconomics

📖 1. Economic and Economical

📝 Essential Points

📌 Economic is an adjective related to trade, industry, money, business, and the economy, whereas economical describes something that uses few resources or uses them carefully and efficiently.

💡 Memory Hook

Economic concerns the economy; economical concerns efficient resource use.

📖 2. Economy and Economics

🔑 Key Concepts & Definitions

• Economy : the system by which goods and services are produced, distributed, sold, and purchased in a local, regional, national, or global community
• Economics : the social science that studies the production, distribution, and consumption of goods and services under conditions of scarcity, as well as the factors affecting the economy

📝 Essential Points

• The word economy comes from the ancient Greek word “oikonomia,” meaning household management, and originally included responsibilities such as caring for children and cleaning the home.

💡 Memory Hook

Household management → family finances → national and global economic system.

📖 3. Scarcity and Economic Choice

🔑 Key Concepts & Definitions