1)Identify and describe the role of supply and demand and equilibrium in a market economy in terms of efficiency advantages as applied to the problem of scarcity and(course objective 1)Utilize the concept of scarcity to explain economic trade-offs, opportunity costs, and rational behavior.

Specifically, will be able to:

• Summarize basic economic concepts, like the "Big Problem" (scarcity) and efficiency
• Summarize division and specialization of labor
• Explain the difference between macroeconomics and microeconomics