WHY STUDY ECONOMICS

What is economics?
The definitions of economics
Scarcity?
Choices?
Rational self interest?
The economic approach?
Positive and normative analysis explain?
Common mistakes list and explain?

b) Working with graphs
Reading graph
Relationship between variable
Slopes
c) Opportunity cost
Specialization and trade

12What is market?
Barter vs money exchange?
Relative price?

Explain each of the following
Law of demand?
Demand schedule?
Changes in demands?
Law of supply?
Supply schedule?
Changes in supply?
Market system?
Consumer sovereignty?
Flow of resources?
Determinant of income?
Households?
Business firm?

a) Role of government in the market system and also in other countries?
Gross domestic product?
Nominal and real GPD?
Business cycle?
Unemployment?
Inflation?
Economic and accounting profit?
Selling environments or market structures?
Page 11#1-12
Page 35and 36 any 10 question ,Page 68 any 1-2,4,5,6,7,8,9,10
Page 94 #1 to 15,Page 114 1 to 15
Page 142#1 to 16and Paqge 158 #1-15
Page 184 #1 to 16
pleas use your book for references?
economicsboyes/melvin 6th edition