Please read the forum instructions above before you post for theforum 1. By now you have learned some fundamentals of economics.How can you apply economic thinking (what you have learned so far)in your daily life? Please give a unique example to illustrate yourapplication. Before you post your own example please read otherspostings to avoid duplicate posting. Your personal statement is dueby the end of Wednesday.
Lesson learn so far
Learning Objectives
1. Identify the concepts of scarcity and economics.
2. Identify the three categories of resources
3. Distinguish between \"macro\" and \"micro.\"
4. Distinguish between \"positive\" and \"normative\" economicanalysis.
- Identify the opportunity cost of an action.
- Generate the graph of a production possibilities curve for anytwo commodities.
- Determine the application of the the principle of marginal costand benefit for decision making.
- Given a graph of a production possibilities curve, determinethe opportunity cost for producing each commodity.
- Given a graph of a production possibilities curve, identify acombination of outputs as inefficient, efficient, feasible, orinfeasible.
- Identify the law of increasing opportunity cost and reasons forits existence.
- Identify different type of economic growth in the context of aproduction possibilities model
- Apply economic thinking in our daily life.
- Distinguish between a change in quantity demanded (supplied)from a change in demand (supply).
- Identify the factors that shift the demand and supplycurves.
- Given information on supply and demand in a market, graphicallydetermine the equilibrium price and quantity of a good.
- Given information on supply and demand in a market, identify asurplus and a shortageSubject
- EC101 Chapter 1,2,3 and4
