Define economics and the implications of the basic economic problem; Use demand

Question

1. Define economics and the implications of the basic economic problem;
2. Use demand and supply to describe the allocative function of prices and markets;
3. Define the concepts of elasticity/Price elasticity of demand;
4. Explain macroeconomic goals, economic measurement and problems created by the business cycle;
5. Define aggregate demand, supply and the causes of changes in macroeconomic equilibrium;
6. Explain monetary and fiscal policy and the appropriate use of their tools to achieve full employment, stability, economic growth and various other goals;
7. Identify the typical family of cost curves and the theory of production; and
8. Define the four market structures of pure competition, monopoly, oligopoly, and monopolistic competition and identify the operating decisions designed to pursue the goal of profit maximization growth and various other goals.

Explanation / Answer

2.

Adam Smith, one of the Founding Fathers of economics described the

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