please read the question carefully. you dont need to answer the numbered questions, they are only topics that we learned so far in the course. Give an example of a concept learned in this course that you think may be associated with strong macroeconomic performance. the list below is what we learned so far. Explain why this is the case. Use real-world examples and explanations. lists of concepts we learned:Describe economics and the economic way of thinking.Identify the components of an economic theory.Define scarcity.Explain opportunity cost and the rationale for choice.Define a market and competitive markets.Describe demand and the concept of demand, individual demand and the demand curve.Explain a change in demand versus a change in quantity demanded.Define supply and the concept of supply.Describe a change in supply versus change in quantity supplied.Illustrate and explain and illustrate how markets reach equilibrium price and quantity.

1. The economic perspective is the study of how individuals generate, acquire, and distribute…

Answered: lists of concepts we learned: Describe…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please read the question carefully. you dont need to answer the numbered questions, they are only topics that we learned so far in the course.

Give an example of a concept learned in this course that you think may be associated with strong macroeconomic performance. the list below is what we learned so far. Explain why this is the case. Use real-world examples and explanations.

lists of concepts we learned:

Describe economics and the economic way of thinking.
Identify the components of an economic theory.
Define scarcity.
Explain opportunity cost and the rationale for choice.
Define a market and competitive markets.
Describe demand and the concept of demand, individual demand and the demand curve.
Explain a change in demand versus a change in quantity demanded.
Define supply and the concept of supply.
Describe a change in supply versus change in quantity supplied.
Illustrate and explain and illustrate how markets reach equilibrium price and quantity.

Definition Video Formula Definition Phenomenon in which market supply and demand balance each other. Market equilibrium is the economic state in which the market demand curve intersects the market supply curve, giving us the equilibrium price and equilibrium quantity for which a commodity can be sold and purchased in an economy. When market equilibrium is achieved, it suggests that all resources have been allocated efficiently and that there is just a distribution of income and resources in the economy. Video Formula

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