Micro Learning Objectives for questions over Exam 1 Form A

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 1

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam 1 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.

 

After reading this chapter, you should be able to:

  1. Define economics and understand the concept of scarcity and limited resources.
  2. Distinguish the difference between microeconomics and macroeconomics.
  3. Understand the importance of rationality in economic analysis.
  4. Explain the importance of models.
  5. Understand the role of assumptions in economic models.
  6. Understand the concept of behavioral economics and bounded rationality.
  7. Distinguish the difference between positive and normative economics.
  8. Know how to construct a graph.
  9. Distinguish the difference between direct and inverse relationships.
  10. Derive the slopes of linear and non-linear lines.