Economics (McConnell), AP* Edition, 20th Edition

LO 1.1

Define economics and the features of the economic perspective.

LO 1.2

Describe the role of economic theory in economics.

LO 1.3

Distinguish microeconomics from macroeconomics and positive economics from normative economics.

LO 1.4

Explain the individual's economizing problem and how trade-offs, opportunity costs, and attainable combinations can be illustrated with budget lines.

LO 1.5

List the categories of scarce resources and delineate the nature of society's economizing problem.

LO 1.6

Apply production possibilities analysis, increasing opportunity costs, and economic growth.

LO 1.7

Explain how economic growth and international trade increase consumption possibilities.

LO 1.8

(Appendix) Understand graphs, curves, and slopes as they relate to economics.