1.1 What is economics?
Het economisch probleem: Infinite wants zijn groter dan finite resources. Er moeten keuzes gemaakt worden! 
Infinite wants: Are the limitless desire to consume goods and services.
Finite resources: Are the limited amount of resources that enable the production and purchase of goods and services. 

Factors of production: Are resources needed to make goods and services: land, labour, capital and enterprise. Land is where raw materials come from (oil, gas, base metals etc.). Labour is the ability of individuals to work. Capital is production machinery, computers, office space etc. Enterprise brings land, labour and capital together and organize them in business units with the objective of making profit.

Production possibility frontier: Shows the maximum number of products that can be produced by an economy with a given amount of resources. It can be used to highlight:
- Finite resources 
- Opportunity costs: Are the benefits forgone from the next best alternative. 
- Macroeconomis: Is the study of how the entire economy works. Microeconomics: Is the study of how individuals make economic decisions within an economy.
- Planned economy: The government decides how resources are allocated to the production of particular products. Market economy: The government plays no role in allocating resources. Instead, markets allocate resources to the production of various products. Mixed economy: The government and the private sector jointly solve economic problems. 
GDP (Gross Domestic Product): Is a measure of overall economic activity within an economy.