Economic problems: resources, scarcity, choice; positive and normative economy; agents: consumers, firms, governments; microeconomics / macroeconomics distinction; exchanges: demand, supply and price; Marketplace balance; market controls; consumer theory: preferences, budget constraints, optimal choices; demand; income effect and substitution effect; intertemporal choice: wealth, real interest rate; risk: lotteries, insurance; firm theory: costs, profits, opportunity costs; accounting approach; short and long term; competitive markets; taxation; regulation; international trade.
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