1.1 Objectives and Introduction

Objectives

By the end of this lesson, students should be able to:

• Explain the difference between macroeconomics and microeconomics
• Describe the economizing problem
• Analyze the implication of production possibilities analysis
• Illustrate and explain how people behave through marginal cost -marginal benefit analysis
• Analyze the market system and the circular flow model

Introduction

This week's readings take you to concepts and topics giving you an introduction to salient features of economics such as the difference between macroeconomics and microeconomics, the economizing problems faced by the market system as well as the command system, and the production possibilities curve model. This week you will also review and polish your skill in using Excel to generate the production possibilities curve.

To Do This Week

Your activities will include a discussion and an assignment.  You will soon find out that the assignment will take quite a bit of your time, so plan accordingly.  Please refer to the course List of Tasks and Due Dates. Download List of Tasks and Due Dates.