Principles of Economics 3e: choice and scarcity

Selected reading: Demand, supply and scarcity examples.

How to study this source

• What gives something value?

  backgroundDemand, supply and scarcity examples

  State the constraint and opportunity cost in the case you want to explain.

• Why do some societies prosper?

  backgroundNamed section and worked examples

  Work through the model, then identify a real-world institution or assumption the model leaves out.

• How does money shape an economy?

  extensionNamed section and worked examples

  Work through the model, then identify a real-world institution or assumption the model leaves out.

Ideas and questions

Read background definitions when a term blocks the argument. Then return to the source and reconstruct its claim in your own words.

Read alongside, read against

• Principles of Economics

  Carl Menger. Compare assumptions, evidence and scope with the source above. These are editorial companions, not necessarily direct responses.

• The Use of Knowledge in Society

  Friedrich Hayek. Compare assumptions, evidence and scope with the source above. These are editorial companions, not necessarily direct responses.

• Value and Capital

  John Hicks. Compare assumptions, evidence and scope with the source above. These are editorial companions, not necessarily direct responses.

• Microeconomic Theory

  Mas-Colell, Whinston · Green. Compare assumptions, evidence and scope with the source above. These are editorial companions, not necessarily direct responses.

• Misbehaving

  Richard Thaler. Compare assumptions, evidence and scope with the source above. These are editorial companions, not necessarily direct responses.