Economics

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Two basic concepts of economics are limited resources and the choices we make that reflect our values.

The Christian Worldview and Economics

Part 4

I. What is Economics?

A. Definition - The study of human action.

B. What is human action?

II. Two Basic Concepts of Economics

A. Scarcity (limited resources)

B. Choice (our choices reflect our values)

III. Five Important Principles of Economics

A. A person's choices reflect their scale of values.

B. We know what ranks at the top by observing choices.

C. Economic value is always subjective.

D. Economic cost is also subjective.

E. Opportunity cost is what you give up in order to choose your highest ranked option.