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Purchase the course book and make notes on Part 1: Scarcity and choice.
Answer the following questions:
- explain what is meant by the basic ‘economic problem’
- explain what is meant by scarcity
- distinguish between ‘needs’ and ‘wants’ – come up with an example of a need and want you have
- who are the three economic agents?
- What is one litre of petrol more expensive than one litre of water?
Bring written responses to your first lesson.
You may also want to read Freakonomics by Steven Levitt to start getting into the mindset of an economist and realising that economics is in everything!