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After reading this chapter, you should be able to:

1. Define economics and the features of the economic perspective.
2. Describe the role of economic theory in economics.
3. Distinguish microeconomics from macroeconomics and positive economics from normative economics.
4. List the categories of scarce resources and delineate the nature of the economizing problem.
5. Apply production possibilities analysis, increasing opportunity costs, and economic growth.
6. Explain how economic growth and international trade increase consumption possibilities.
7. (Appendix) Understand graphs, curves, and slopes as they relate to economics.