1)Describe the"economic perspective"(or"economic way of thinking"),including definitions of scarcity,opportunity cost,purposeful behavior,utility,marginal analysis(benefits and costs),and how these concepts may be used in decision making. 2)Explain the importance of the"other-things-equal"assumptionin formulating economic principles. 3)Define economic resources and describe the four categories of land,labor,capital,and entrepreneurial ability. 4)Explain the relationship between utility and purposeful behavior