Microeconomics Identify the key concepts in Economics: scarcity, opportunity cost, comparative advantage, and externalities Discuss the key concepts in Microeconomics Distinguish between microeconomic and macroeconomic issues Differentiate between positive and normative economics Identify factors of production 6.avoid plagiarism
Identify the basic principles of economics and explain how an economist thinks about cost.
Opportunity cost is the value of the next best alternative in a decision. Imagine that you have $175 to see a concert. You can either see “Y4” or you can see “Bread N’ Butter”. Assume that you value Y4’s concert at $250 and Bread N’ Butter’s concert at $175. Both concerts cost $175 per ticket, […]