First Lesson in Economics

In the first lesson of economics, I usually introduce ideas of scarcity and opportunity cost.

Students often struggle to understand opportunity cost.

• Opportunity cost is the next best alternative foregone.

I always ask them what they can’t get, if they spent £40 on a new economics textbook. What you don’t get is the opportunity cost.

• Economics and the issue of scarcity
• The fundamental problem of economics

Issues we Mentioned in our Economics seminar

• Why Do banks get bailed out by the government?
• Whose fault is the recession?