Posted: December 12th, 2016

What is the Definition of Economics?

1. What is the Definition of Economics?
2. The study of economics teaches us a way of thinking and helps us make decisions. What are the three fundamental concepts to consider when making everyday choices?
a. Opportunity Cost, Marginalism, and working of Efficient Markets.
b. Understand why each one is important
3. Distinguish between the Slope of a Straight Line and the Slope of a Curve
4. Know how to calculate Slope when given values for Change in X and Change in Y
5. What is Absolute Advantage? What is Comparative Advantage? How does Comparative Advantage relate to Opportunity Cost?
6. What is the relationship between Marginal Rate of Transformation, PPF and Opportunity Cost?
7. What is the Law of Increasing Opportunity Cost? Why are PPFs negatively sloped and bowed outwards?
8. What factors can lead to outward shift of the PPF (i.e. Economic Growth)?
9. What is The Economic Problem?