GENG 118 Principles of Economics (1+1)

Definition of the economy as a science of social sciences – Theories of economics – Economic problem: Scarcity of resources and production – Limits of production potential – Resource utilization (basic options) – Supply and demand: Individual supply and supply to the market – Characteristics of supply curves – Supply versus supply quantity – Demand and supply balance – Optimal competition and production monopoly: Short-terms jobs – Long-term production – Input options – Economic costs: Feasibility studies – Economic analysis of the project.