Chapter 2. Choice in a World of Scarcity

Chapter Contents

2.1 – Introduction to Choice in a World of Scarcity

2.2 – What is Orthodox Economics?

2.3 – How Individuals Make Choices Based on Their Budget Constraint

2.4 – The Production Possibilities Frontier and Social Choices

2.5- Confronting Objections to the Economic Approach

 

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Principles of Economics: Scarcity and Social Provisioning (3rd Ed.) Copyright © by Erik Dean; Justin Elardo; Mitch Green; Benjamin Wilson; Sebastian Berger; Richard Dadzie; and Adapted from OpenStax Principles of Economics is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.

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