The household is an economic system, as is the community, the nation-state, and the global economy. These systems, though very different in size and complexity, have many common properties. Broadly speaking, this course is about the similarities and the differences among systems. . . . All systems have means to identify resources and determine who gains access to them, select processes or technologies for converting those resources into goods and services, figure out who does what kinds of work, and organize the exchange and/or distribution of those goods and services. These concerns may be summarized as What?, How?, and for Whom?
This is the basic, introductory course in economics. It seeks to convey the sense of the discipline as a whole--its history, substantive concerns, and methods. This course
1) examines elements that are common to all economic systems, such as division
of labor, production, and exchange;
2) presents ideal systems as modeled, and real systems as found in the world
3) introduces some terms and concepts that are central to the study of economics
as an academic subject.