Chapter 1: Economics is study of a lot of things etc: money, exchanges and what to do in certain real life situations. Thinking like an economist  is important in life, because you can understand a lot more in the world if you do learn economics etc: why prices rise, what banks are hiding and to solve financial issues.

Chapter 2: The differences between Social- and Natural sciences helps you explain why you can’t test social sciences and why social science is hated so much, but natural sciences not. The differences between purposeful- and mindless behavior and the  the differences between Social- and Natural sciences will help you learn the basic economic principles.

Chapter 3: Preferences are an individual’s goals or desires. In economics you can’t add preferences together, because preferences differ from one individual to another. There is no value for preferences, but you can rank preferences. For example: you can rank your friends. That would make sense, but it wouldn’t make sense if you ask how much more do you like one friend over another. There is a difference between preference and fact. For example: You can say i like vanilla ice cream more than chocolate ice cream, but i can’t say that this vanilla ice cream has 200 calories and my brother says it has 180 calories. How many calories vanilla ice cream has is a fact.

Chapter 4: The most important things In this chapter are, the differences between producer goods, capital goods, consumer goods, labour, land. Income refers to the flow of new consumer goods (and services) that an individual has the potential to acquire during a period of time. Saving occurs when you consume less than your income. Investment occurs when you when ingredients of production are devoted to future income, rather than immediate consumption. Goods valued unit by unit. You can’t ask someone that they want all the diamonds in the world or all the water in the world. That wound’t make sense in economics. It should be do you want for example: gallon/litre of water or a carrot of diamond. While making a choise you should consider the cost. If you choose to do this you can’t to another thing until later. When you make a choise you think you it’s a good choise, but your thought aren’t  reality. For example: You bought a game you really wanted, but then it turns out to be horrible.

Chapter 5: Things you learn in this chapter are, Why you need institutions in society, but not in the Robinson Crueso scenario to deal with scarcity. The difference is that  in society you cant take something from someone to achieve our goals. In the Robinson Crueso scenario Robinson Crueso is the only one on the iland. He can take what ever he wants, because it isn’t owned by somebody else yet. The three main institutions that deal with scarcity are: capitalism, socialism and a mixed economy. Capitalism is based on private property. In capitalism there is no single organisation that owns the economy as a whole. People can own private property and do alot with it, with very little regulations that limit it. Capitalism also had free enterprise, anyone could enter any kind of job they wanted. In socialism the government decides what everyone produces. No one except the government and maybe the friends of the government own private property. Then in a mixed economy, people can still have private property, but the government can make rules about what they can do with private property.

This  video gives an overview of the material covered:

I got an average of 82% on the four exams!
These are the materials i studied in addition to the four first chapters of the lessons for the young economist. These are the following: