What you’ll learn to do: explain what economics is and why it’s important

In order to understand economics it’s important to master a set of key concepts and understand how they interconnect. We’ll cover these concepts next.

The specific things you’ll learn in this section include:

  • Explain scarcity
  • Explain opportunity cost
  • Explain division of labor and specialization
  • Distinguish between macroeconomics and microeconomics

License

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MGMT-1010: Introduction to Business Copyright © by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.