Module One

THE BASIC ECONOMIC PROBLEM

This Module should be read in conjunction with the Programme of Study.

The Programme of Study lists the Topics that are in the Module and gives you the relevant page references to your course book. This Module aims to give you more direction as you work through the various topics. It will aim to highlight the most important items in the Topic, as well as areas that need particular care. It will also point you towards the Resources, that you should be using as well as listing the textbook pages to be read.

Remember to double-check with the Syllabus that you cover all the items that you need to. The Section number of the syllabus is listed on your Programme of Study.

To start your study of this course, start thinking about what economics is by watching the following two videos:

WATCH - Introduction to Economics (Khan Academy) Links to an external site.

Watch the YouTube video below entitled The Economics Detective: What is Economics?

Topics

This Module is made up of four Topics:

Topic One (1.1): The Economic Problem

Topic Two (1.2): Factors of Production

Topic Three (1.3): Opportunity Costs

Topic Four (1.4): Production Possibility Curves