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1. Define economics and list three coordination problems that an economy must solve. |
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2. Explain how to make decisions by comparing marginal costs and marginal benefits. |
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3. Define opportunity cost and explain its relationship to economic reasoning. |
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4. Explain real-world events in terms of economic forces, social forces, and political forces. |
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5. Differentiate between microeconomics and macroeconomics. |
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6. Distinguish among positive economics, normative economics, and the art of economics. |