TOPICS
- Definition of
economics
- Economic models (Why do
economists use all those graphs?)
- Budget lines
- Resources (Four Factors of
Production)
OUTCOMES
Define economics and
describe the four components of the
definition:
- social science
- choice
- scarcity
- maximizing satisfaction
What are economic models and why
do economists use them?
Explain the importance of
ceteris paribus in formulating economic
principles.
Differentiate between
microeconomics and macroeconomics.
Defne and draw budget lines.
Explain what happens to a budget line when income and
prices change.
How does the budget line
illustrate the necessity of making choices?
Define and give examples of the
four types of resources (factors of production) and know
the payment for each
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