BASIC ECONOMIC CONCEPTS AND THE IMPORTANCE OF ECONOMICS

Welcome to unit one! 

In this unit, you will explore what Economics really means and why it matters in your daily life — from the choices you make at home to how governments manage entire nations. You will discover key concepts such as wealth, resources, price, needs and wants, goods and services, and the different economic systems that shape how societies are organized. 

By the end of the unit, you should be able to:

(a) Use the basic concepts of Economics appropriately.
(b) Appreciate the role of Economics in the society.