CHAPTER 1 READING OUTLINE
Answer the following questions in your own words and submit the completed file on
Describe the economic way of thinking, including definitions of purposeful
behavior, utility, opportunity costs, marginal costs, margina
What is your Opportunity Cost of School per hour of school?
Opportunity cost is a measure of the value of what you are giving up or foregoing to do what you are doing.
Note: You are calculating the additional cost of being in school. If you would have inc
CHAPTERS 4 and 5 READING OUTLINE
1. Distinguish between demand-side and supply-side market failures and the kinds
of externalities that are created by each.
Demand-side market failures happen when demand curves are not similar to
the consumer willingnes
CHAPTER 2 READING OUTLINE
1. Highlight the main features of:
1.1.a laissez-faire economy
In laissez-faire economy, the government has limited power. It is an
economy that private sectors can have transactions without the
Chapter 3 Application - Supply and Demand
1. Find a current article that demonstrates the principle of supply and demand.
Summarize the article and discuss how it demonstrates the principle. Provide
the date and reference of the article.
Chilli prices g
Chapter 1 Application
1. Watch the following video, Barry Schwartz - The Paradox of Choice (12 min;
transcript available on the webpage) This video will remind you how far
technology has advanced.
(if link does not work, access the clip here:
CHAPTER 3 READING OUTLINE
1. Explain the law of demand and why the demand curve is downward sloping.
The law of demand is an inverse relationship exist between price and
quantity demanded. If price changes, the demand also changes. Like, if the
Chapter 2 Application
1. Listen to or read the NPR clip, The Secret Document That Transformed
China. (8 min; transcript available on the webpage)
(if link does not work, access the
clip here: http:/www.npr.org/blogs/money/2012/01/20/145360447/the-secret-d