Through the use of the text choose four)
Define Micro/Macro Economics (p. 4)
List the four scarce resources (p. 8).
Explain the cost involved when you make the choice to create more robots & the cost involved when you create more pizza in the pizza & robots table. (p. 9) Also, explain the economic rationale behind the law of increasing costs. (p.9)
Draw the production possibility curve & explain the points inside, on, & outside the curve (p. 10 & 12).
List & explain the economic systems (p. 26)
Explain three of the characteristics of the market system (p.27)
List & explain the five fundamental questions (p. 31)
Explain the concept of the Invisible hand, it’s 3 virtues, who created it, when & in what book. (p. 34)