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.

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

1A.

explain the problem of scarcity.

2A.

explain the division and specialization of labor.

3A.

compare microeconomics and macroeconomics.

Why the Division of Labor Increases Production",

explain why the division of labor increases production.

5B.

fully define Microeconomics

6B.

fully define Macroeconomics