What is economics

Why is there Scarcity

Opportunity Cost

What does Oppo cost help us determine

Comparative Advantage

What are resources

Land Utilization Resources vs. Intelligence

Resources - Labor

Technology (economic term)

Capital

What are the assumptions of S/D

What are the three allocation mechanisms for resources

Allocation Mech - Market

What is a Spot Market

Liquidity

Allocation Mech - Command

Sustainability

Exogenous Shock

Endogenous Shock

What does exogenous variables do to endogenous variables

What are demand shifters
(Exogenous Shocks)

What are Supply Shifter
(Exogenous Shocks)

Why is the Demand curve sloping downward (What is the assumption)

Why is the Supply curve slope positive (What is the assumption)

Exogenous Shocks on Demand - Price of other goods

Exogenous Shocks on Demand - Income

What do this mean.
(P; pf, R, T)

Exogenous Shock - Price of Factors of Production

Comparative Statics

Steps for Comparative statics