Module

Foundations of Economics

Scarcity, choice, opportunity cost, economic systems and the way economists think.

Educational material, not professional, tax or legal advice. Figures reflect Irish law as understood when written — check Revenue.ie or a qualified adviser before acting. Not affiliated with or endorsed by any professional body.

• 01What economics is about
• 02Scarcity and the factors of production
• 03Opportunity cost
• 04The production possibility frontier
• 05Positive and normative economics
• 06Economic models and assumptions
• 07Thinking at the margin
• 08Incentives and rational choice
• 09Economic systems
• 10Markets and the price mechanism
• 11The circular flow of income
• 12Specialisation and the division of labour
• 13Absolute and comparative advantage
• 14Efficiency and equity
• 15Using economic data
• 16Congratulations on completing the module