Teach it and test it, from your course outline
For every week: lecture notes, with slides if you want them — plus a course plan and a reading list of works found in the scholarly databases. See an example below before you decide.
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This is a shortened example for a sample course, shown so you can judge the layout and the kind of notes and slides before you pay. Your own course is written from your own outline, and each week's notes are longer than this.
Week 1: Nature of economics, scarcity and choice
Learning outcomes
By the end of this lecture, students should be able to:
- define economics and distinguish scarcity from poverty
- explain why scarcity forces choice, using the idea of opportunity cost
- distinguish between positive and normative statements
1. Introduction
Every household, firm and government has to decide how to use limited resources. Economics is the study of how those decisions are made and what follows from them. This first lecture sets out the basic problem that the rest of the course builds on.
We begin with scarcity, move to the idea of opportunity cost through a simple worked example, and end with the difference between describing the economy and judging it.
2. The economic problem: scarcity
Economics is the study of how individuals and societies choose to use scarce resources to satisfy unlimited wants. Scarcity means that resources are limited in supply relative to the wants they could be used to meet. It is not the same as poverty: rich and poor households, and rich and poor countries, all face scarcity, because wants can always grow faster than the means to satisfy them.
Resources, also called factors of production, are usually grouped into four kinds:
- Land: natural resources such as farmland, oil and water.
- Labour: the physical and mental effort of people.
- Capital: man-made goods used to produce other goods, such as machines and buildings.
- Entrepreneurship: the organising and risk-taking that bring the other three together.
3. Choice and opportunity cost
Because resources are scarce, choosing one use means giving up another. The opportunity cost of a choice is the value of the best alternative given up. It is measured in what is sacrificed, not only in money.
The farmer’s two choices
| Use of the hectare | Output | Given up |
|---|---|---|
| Maize | 20 bags | 12 bags of cassava |
| Cassava | 12 bags | 20 bags of maize |
Worked example: A farmer with one hectare
A farmer has one hectare of land. Used for maize it yields 20 bags; used for cassava it yields 12 bags. The land cannot grow both.
If the farmer chooses cassava, 20 bags of maize are given up to gain 12 bags of cassava. The opportunity cost of one bag of cassava is therefore 20 ÷ 12, about 1.67 bags of maize.
4. Positive and normative statements
A positive statement describes what is, and can be tested against evidence. A normative statement says what ought to be, and depends on values. Both appear in economic debate, and a good economist keeps them apart.
- Positive: “A rise in the price of garri reduces the quantity of garri demanded.” This can be checked against data.
- Normative: “The government should subsidise garri.” This depends on what we think is fair or desirable.
Key terms
| Term | Meaning |
|---|---|
| Economics | The study of how people and societies choose to use scarce resources to satisfy unlimited wants. |
| Scarcity | Resources being limited in supply relative to the wants they could satisfy. |
| Opportunity cost | The value of the best alternative given up when a choice is made. |
| Positive statement | A statement about what is, which can be tested against evidence. |
| Normative statement | A statement about what ought to be, which rests on values. |
Summary
- Scarcity arises because resources are limited and wants are not; it affects rich and poor alike.
- Scarcity forces choice, and every choice has an opportunity cost.
- Positive statements can be tested; normative statements rest on values.
Review questions
- Explain the difference between scarcity and poverty.
- A student can spend an evening studying or working for pay. What is the opportunity cost of studying?
- Classify each statement as positive or normative and give a reason: (a) “Unemployment fell last year.” (b) “Unemployment is too high.”
Further reading
In your own notes, this lists readings found for the week in Semantic Scholar and OpenAlex, with full citations.
Teach it and test it, from your course outline
Questions on the weeks you choose, at the difficulty and Bloom's levels you set — with a full marking scheme, a question bank by topic, a test blueprint and a moderation checklist, all in Word. Every answer key is checked twice. See an example below before you decide.
Your assessment pack
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Writing your pack
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This is a shortened example for a sample course and a sample six-question examination (answer any four), shown so you can judge the layout and the marking guidance before you pay. Your own pack is written from your own outline, with every question set.
ECO 101: Introduction to Economics (sample course)
Time allowed: 3 hours Total marks: 70
Instructions: Answer any FOUR (4) of the six (6) questions. Write clearly and show your working where a calculation is needed.
Theory questions (6 questions, answer any 4: 70 marks)
Answer any FOUR (4) of the six (6) questions. Each question carries 17.5 marks; the marks for each part are shown in brackets.
1. Scarcity is the basic economic problem facing every society.
(a) Explain the meaning of scarcity and show why it forces people to make choices. (7.5 marks)
(b) Using a household that has to decide how to spend a fixed monthly income, explain the concept of opportunity cost and say how it affects the choice the household makes. (10 marks)
2. The price of garri rises sharply in a local market.
(a) State the law of demand and use it to explain what is likely to happen to the quantity of garri bought. (8 marks)
(b) Explain two factors, other than the price of garri, that could shift the demand curve for garri to the right. (9.5 marks)
Questions 3 to 6 follow in the full pack. Candidates answer any four.
ECO 101: Introduction to Economics (sample course)
Confidential: for examiners and moderators only.
Total marks: 70 (candidates answer any 4 of the 6 questions set, 17.5 marks each; the scheme covers all 6 questions set).
Theory questions
Question 1 (17.5 marks)
Scarcity is the basic economic problem facing every society.
(a) Explain the meaning of scarcity and show why it forces people to make choices. (7.5 marks)
(b) Using a household that has to decide how to spend a fixed monthly income, explain the concept of opportunity cost and say how it affects the choice the household makes. (10 marks)
Model answer. Scarcity means that human wants are unlimited while the resources available to satisfy them are limited. Because resources cannot meet every want, people, firms and governments must choose which wants to satisfy and which to give up.
Opportunity cost is the value of the next best alternative given up when a choice is made. A household that spends part of its income on school fees cannot spend the same naira on, say, a new generator; the generator is the opportunity cost of the school fees. A rational household compares the benefit of each use of its income and chooses the one with the higher benefit.
| Part | Marking point | Marks |
|---|---|---|
| (a) | States that wants are unlimited and resources are limited | 3 |
| Links scarcity to the need to choose | 2.5 | |
| Gives a relevant example of a scarce resource | 2 | |
| Part (a) total | 7.5 | |
| (b) | Defines opportunity cost as the next best alternative forgone | 3 |
| Applies it correctly to a household budget | 4 | |
| Explains how it shapes the household's choice | 3 | |
| Part (b) total | 10 | |
| Total | 17.5 |
Question 2 (17.5 marks)
The price of garri rises sharply in a local market.
(a) State the law of demand and use it to explain what is likely to happen to the quantity of garri bought. (8 marks)
(b) Explain two factors, other than the price of garri, that could shift the demand curve for garri to the right. (9.5 marks)
Model answer. The law of demand says that, other things being equal, a higher price leads to a lower quantity demanded. When the price of garri rises, buyers will buy less of it and may switch to substitutes such as rice or yam.
A rise in consumers' income, where garri is a normal good, shifts demand to the right. A rise in the price of a substitute such as rice also shifts demand for garri to the right, as buyers move towards the cheaper food.
| Part | Marking point | Marks |
|---|---|---|
| (a) | States the law of demand correctly, including "other things equal" | 3 |
| Predicts a fall in the quantity of garri demanded | 3 | |
| Mentions substitution as a reason | 2 | |
| Part (a) total | 8 | |
| (b) | First factor named and linked to a rightward shift | 5 |
| Second factor named and linked to a rightward shift | 4.5 | |
| Part (b) total | 9.5 | |
| Total | 17.5 |
Accept other answers that are correct and equivalent to the marking points. Every multiple-choice key was checked by answering the question again without the key; any question still in doubt is marked “Examiner to confirm”.