Understand scarcity and why it exists What goods exist that do not face the issue of scarcity?

How can we define free goods? Opportunity cost and everything that it entails (implicit vs explicit costs) Understand how supply and demand work, leading to equilibrium. What happens when there is disequilibrium in the market (shortage or surplus) What causes shifts to occur in demand and sunnlv What is the invisible hand in the market? Does government intervention prevent it from occurring"