This unit introduces what is economics, the basic economic problem of scarcity and how economists analyze the world.
Microeconomics looks at how consumers, producers, and governments interact in individual markets, analyzing price mechanisms, elasticity, market failures like externalities, and the impact of intervention.
Macroeconomics gives a more broader view, focusing on economic performance, government objectives, and the use of policies to promote growth and stability.
Unit 4 explores international trade, globalization, exchange rates, and development, while analyzing how countries overcome barriers to achieve long-term, sustainable economic growth.