|Limits, Alternatives, and Choices (+ Appendix)|
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After reading this chapter, you should be able to:
- Define economics and the features of the economic perspective.
- Describe the role of economic theory in economics.
- Distinguish microeconomics from macroeconomics and positive economics from normative economics.
- List the categories of scarce resources and delineate the nature of the economizing problem.
- Apply production possibilities analysis, increasing opportunity costs, and economic growth.
- Explain how economic growth and international trade increase consumption possibilities.
- (Appendix) Understand graphs, curves, and slopes as they relate to economics.