Explanation & Answer length: 50 Questions54 attachmentsSlide 1 of 54

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UNFORMATTED ATTACHMENT PREVIEW

CHAPTER 1 INTRODUCTION – THE BIG IDEAS Principles of Microeconomics Douglas Curtis & Ian Irvine 2020, Curtis & Irvine Chapter 1 1 Learning outcomes • By the end of this chapter you should understand.. • The nature and objectives of economics – micro and macro • The role of theory, models, hypotheses and data • Opportunity cost, productivity advantage and efficiency • Specialization, exchange and markets • The production possibility frontier • Full employment, booms, recessions and economic growth 2020, Curtis & Irvine Chapter 1 2 A Working Definition of Economics “Economics, at its best, is a set of ideas and methods for the improvement of society. It is not, as so often seems the case today, a set of ideological rules for asserting why we cannot face the challenges of stagnation, job loss and widening inequality.”

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