Topic 2 - Understand the Two Simple Economic Models

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  FHBM1014 PRINCIPLES OF ECONOMICS (Topic 2  –  Understand The Two Simple Economic Models) 1  Learning Objectives 1.Demonstrate an understanding of economic models and how economists use them. 2.Elements of the two sector circular flow model and the concepts illustrated in the Diagram. 3.The Production Possibilities Frontier (PPF) and Opportunity Costs. 2  Learning Objectives (1) Demonstrate an understanding of economic models and how economists use them 3  Assumptions & Models ã Assumptions:  simplify the complex world, make it easier to understand. ã Models: a highly simplified representation of a more complicated reality. – Economists use models to study economic issues . 4
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