Microeconomics – 1. Introduction

  1. How can microeconomics help you at a business and professional level?
  2. How can microeconomics help you at a personal level?
  3. How is microeconomics distinguished from macroeconomics?
  4. Regardless of whether a country has a command or mixed economy, what three basic questions must be answered?
  5. Define and illustrate the production-possibility frontier.
  6. Use PPF analysis to illustrate the concept of opportunity costs.
  7. Use PPF analysis to illustrate the concept of economic efficiency.
  8. What are the three most important market failures?
  9. Summarize the various reasons why the government might intervene in the private marketplace.
  10. What are the three major factors of production?