Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Define the basic concepts of economics
• Discuss the core principles that economists use to understand
observed phenomena
• Demonstrate how observed economic phenomena exemplify the
core principles of economics through examples
• Examine how individuals, firms and households make decisions,
by reviewing market models
• Analyze the forces of demand and supply and how they interact to
determine an
• Predict how and why equilibrium prices might change and their
impact on resource allocation
• Explain and analyze the market model
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