Scarcity, possibilities, preferences and opportunity cost
How do you decide what to produce or trade? How can you maximize happiness in a world of scarcity. What are you giving up when you choose something (i.e., opportunity cost)?

Subtopics

  1. Production possibilities frontier Production possibilities frontier
  2. Comparative advantage and gains from trade Comparative advantage and gains from trade
  3. Marginal utility and budget lines Marginal utility and budget lines