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Fernando Quijano

Table of Contents

1.1

1.2

1.3

1.4

1.5

1.6

1.6A

1.7

1.8

1.9L

What Is Economics?
Define economics and explain the basic decisions of households and firms.

Micro and Macroeconomics
Discuss the similarities and differences between the fields of micro and macroeconomics.

The Circular Flow
Describe economic activity with a circular flow illustration.

Economic Systems
Describe the characteristics of modern economic systems.

Marginal Decisions
Learn to think like an economist using marginal analysis.

Opportunity Cost and Rational Decisions
Apply the concepts of opportunity cost and rational behavior to explain how decisions are made.

Appendix: Computation of Opportunity Cost
Use cross-multiplication to compute opportunity cost.

Economic Models
Understand the concept of abstraction and describe how economists use models to explain and predict economic behavior.

The Production Possibilities Frontier
Describe the trade-offs society faces when confronting scarcity. Explain fundamental economic concepts using the production possibilities frontier model.

Lab: Understanding and Building Graphs
Use values and formulas in Excel to construct the schedule (table) and graph associated with a linear function.

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