Many people equate Economics with money. Is that true? Who invented Economics and what problems is it trying to solve? How have we been impacted by the solution of the "price mechanism: that seems to be so natural and inevitable today?

These fundamental questions will be explored this week.

Lesson Objectives -

1. Explain the Economic problem

2. Define key terms: scarcity, resources, allocation of resources, choice, invisible hand, price mechanism

3. Reflect: How have I benefited from the price mechanism at work (Personal Update 1 - 200 words, references needed)

4. Comment on 2 Peers' Reflections (75 words using terms and ideas learned, references not required)