Economic Concepts, Issues, and Systems

Subject Outline

ASome basic concepts of economics
- 1The concept of economic activity as a process of choosing among scarce resources
- 2The concept of division of labour
- 3The concepts of diminishing returns and optimization
- 4The concept of marginality
- 5The concept of capital
- 6The concept of competition
- 7The concept of comparative advantage
- 8The concepts of growth and development
BLevels of economic analysis
- 1Microeconomics: the economic decisions of individuals, households, and firms
- 2Sectoral economics: the economic arrangements of industries, groups, and regions
- 3Macroeconomics: the economy as a whole
CThe comparison of different economic systems
- 1Archetypal economic systems
  - aThe pure private enterprise economy: a theoretical model
  - bThe centrally planned economy: the pure socialist model
  - cThe mixed economy with various degrees of economic planning
- 2Western-type market economies
- 3Soviet- and socialist- type economic systems
- 4Mixed economies in developing countries
- 5Other economic systems
  - aPrimitive economic systems