16 Jun WHAT IS THE ECONOMIC PROBLEM? WHY IS IT IMPORTANT?
Define economics and the features of the economic perspective. What is the difference between macroeconomics and microeconomics? Give an example.
2. Explain the difference between positive and normative economics. Why would this be important to understand?
3. Specify and explain the typical shapes of marginal-benefit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefit, should more or fewer resources be allocated to this product? What about when marginal benefit exceeds marginal cost? Explain.
4. What is an opportunity cost? Why is it important? What is your opportunity cost for attending this class?
5. What are economic resources? What categories do economists use to classify them? Why are resources also called factors of production? Why are they called inputs?
6. Please provide the definition of economics and the features of the economic perspective?
7. What is the economic problem? Why is it important?
8. Please explain the purpose and importance of the production possibility curve. Why is it important for a business decision-maker?
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