Exam 1 Review
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Learning Objective: 01-02 Describe the role of economic theory in economics.
Learning Objective: 01-03 Distinguish microeconomics from macroeconomics an
List two ways that economic growth is measured.
Define "modern economic growth" and explain the institutional structures needed for an econom
y to experience it.
Identify the general supply; demand; and efficiency forces that give rise to economic growth.