Learning Objectives Chapter 1

Describe how scarcity is the underlying reason for the study of economics.
Integrate and apply principles of trade-offs, opportunity cost, marginal thinking, and incentives to economic decisions.
Explain the role of markets to organize economic activity.
Describe the limitations of markets, the types of market failures, and the role of government in situations of market failure.
Define and calculate productivity, and understand how productivity relates to a country’s standard of living.
Recognize the economic trade-off between unemployment and inflation in the short run

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