Principles of Macroeconomics 2e, Demand and Supply
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By the end of this section, you will be able to:Discuss how productivity influences the standard of livingExplain the limitations of GDP as a measure of the standard of livingAnalyze the relationship between GDP data and fluctuations in the standard of living
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By the end of this section, you will be able to:Discuss the importance of studying economicsExplain the relationship between production and division of laborEvaluate the significance of scarcity
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In this Unit, you will learn about:How Individuals Make Choices Based on Their Budget ConstraintThe Production Possibilities Frontier and Social ChoicesConfronting Objections to the Economic Approach
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By the end of this section, you will be able to:Contrast traditional economies, command economies, and market economiesExplain gross domestic product (GDP)Assess the importance and effects of globalization
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By the end of this section, you will be able to:Calculate and graph budget constraintsExplain opportunity sets and opportunity costsEvaluate the law of diminishing marginal utilityExplain how marginal analysis and utility influence choices
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