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Introduction to Economics (Course Guide)

Course Materials

Economic Decision-Making

Decision-Making: The Economic Way of Thinking

CH 2: eTextbook Readings | Principles of Economics | OpenStax

Opportunity Costs

Course Competencies

Do you understand...?

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  • what economic decision making means
  • how to evaluate opportunity cost
  • how to analyze the concept of efficiency
  • how to use marginal (cost-benefit) analysis in decision-making
  • the effect of economics on contemporary public issues
  • how to relate the circular flow model to production possibilities
  • how to construct a Production of Possibilities Curve (PPC)
  • how to analyze the Production Possibilities Curve (PPC) to identify trade offs
  • how to use economic terminology
  • how use economic models for analysis
  • how to explain the relationship between scarcity and economic value
  • how to compare and contrast economic systems
  • how analyze goals of market participants
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