Explain and apply the production possibility frontier

Demonstrate how observed economic phenomena exemplify the core principles of economics through examples

Predict how and why equilibrium prices might change and their impact on resource allocation

Explain and analyze the market model

Identify the presence of market failures and select appropriate corrective policies

Examine how individuals, firms and households make decisions, by reviewing market models

Analyze the forces of demand and supply and how they interact to determine an equilibrium price

Predict how and why equilibrium prices might change and their impact on resource allocation

Explain and analyze the market model

Apply the market model to interpret price changes in the local and global market

Explain and apply the production possibility frontier

Measure and interpret how people react to changes in the key economic variables