At the end of this module, the learners should be able to:

• Define and explain Economics

• Identify the basic economic problems in life.

• Discuss the meaning of opportunity cost in terms of alternative uses of scarce resources.

• Use the production possibility curve to illustrate opportunity cost.

• Identify and explain the various uses of the tools of economic analysis (statistical data, graphs, and mathematics).

• Identify the different economic systems and how the basic economic problems are solved under them.