ECON 1: Topical Review for First Midterm (Chapters 1 - 5)
Defined Positive vs. Normative Analysis . Derived the Elements in the construction of Theory . Defined Marginal Analysis . 2. Basis of Economics . Defined Goods, Scarce (Economic) Goods, Free Goods, Resources (Categories of) Defined Basic assumptions of Scarcity . Derived Implications of Scarcity [Choice, Cost, Competition] ................
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