Macroeconomics (Course Guide)

Economic Thinking

eTextbook Readings | Principles of Economics | OpenStax

NOTE: Be sure to review key terms, concepts, questions, and problems at the end of each chapter!

Do you understand how to...?

• explain the key differences between macro- and micro- economics
• explain what economics is and why it is important
• define scarcity and opportunity cost
• recognize how scarcity creates opportunity costs
• categorize limited resources and the four (4) Factors of Production
• explain what the production-possibilities curve represents.
• identify efficiency and economic growth
• differentiate how markets and governments approach economic problems differently
• compare and contrast economic systems
• describe how the U.S. output mix has changed over time
• reconcile how incomes are distributed in the United States and elsewhere
• use mathematics and graphs in economic applications