• Define economics.
• Explain the importance of scarcity that compels us to make choices between alternatives at the margin.
• Describe economics as a social science.
• Identify the difference between positive and normative economics, microeconomic and macroeconomics, and empirical economics and descriptive economics.

#2

• Elaborate the role of models, assumptions and variables in economics analysis.
• Use graphic techniques in economics.
• Explain the following concepts:Five principles in economics;Production possibilities curve;The law of increasing cost and resource allocation;Production possibilities and economic growth;Opportunity cost;Externality; Law of diminishing return; Marginal benefit and marginal cost.
• Elaborate the role of models, assumptions and variables in economics analysis.
• Use graphic techniques in economics.
• Explain the following concepts:Five principles in economics;Production possibilities curve;The law of increasing cost and resource allocation;Production possibilities and economic growth;Opportunity cost;Externality; Law of diminishing return; Marginal benefit and marginal cost.