Do the following parts. Thanks

Chapter 1: Define in your own words what economics is, what it is analyzing. Explain what limitations economics is facing and being influenced by (scarcity, utility, marginal analysis) Since the marginal analysis approach is key to this class, explain how we are using the marginal calculations- marginal cost and benefit What does macroeconomics focus on - give examples. What does microeconomics focus on - give examples Define positive and normative economics. How does limited income and unlimited wants explain the concept of scarcity? What does the budget line represent? You should be able to calculate the price of each product and the budget from a table or a graph (see figure 1.1) Using the budget line explain what happens if the income changes? What if the price of one of the goods changes? What does the Production Possibilities curve represent? Explain what happens if you are at a point Inside the curve outside the curve shifting of the curve outwards? Explain the law of increasing opportunity cost. What is the reason why the tradeoff is uneven? You should be able to calculate the tradeoffs as the society decides to give up one good in order to produce more of the other good. (figure 1.2) If you are measuring the production of a consumer good on one axis and the production of industrial goods on the other, and you will be giving up consumer goods to produce more industrial goods, how will that impact the future of the economy? (figure 1.6) It is important to go over the appendix to chapter 1 since we will be graphing and calculating from graphs throughout this class. The math is basic so no need to fear this alternate way of explaining economic information. A picture is worth 1000 words ..they say