ECO365 Week 1 Objectives - Chapter 1 Define economics and...

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Chapter 1 Define economics and list three coordination problems that any economy must solve. Explain how to make decisions by comparing marginal costs and marginal benefits. Define opportunity cost and explain its relationship to economic reasoning. Explain real world events in terms of economic forces, social forces, and political forces. Differentiate between microeconomics and macroeconomics. Distinguish among positive economics, normative economics, and the art of economics. Chapter 4 State the law of demand and draw a demand curve from a demand table. Explain the importance of substitution to the laws of supply and demand. If the price of beef rises, a less expensive alternative such as chicken or turkey may be substituted. Distinguish a shift in demand from a movement along the demand curve. State the law of supply and draw a supply curve from a supply table.
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