Answer the following problems.

problem 1) What do you mean by economics.

problem 2) describe the “economic way of thinking,” including definitions of rational behavior, marginal costs, marginal benefits and how these concepts may be used in decision making.

problem 3) prepare down some significant reasons for studying economics.

problem 4) Describe how economists use the scientific method to formulate economic principles.

problem 5) Describe the importance of ceteris paribus in formulating economic principles.

problem 6) Describe the steps used by policy makers.

problem 7) prepare down eight economic goals and provide exs of conflicting and complementary goals.

problem 8) Distinguish between micro- and macroeconomics.

problem 9) Distinguish between positive and normative economics.

problem 10) Describe and provide exs of the fallacy of composition and post hoc fallacy.

problem 11) Describe and show a direct relationship between two variables, and define and identify the positive sloping curve.

problem 12) Describe and show an inverse relationship between two variables, and define and identify the negative slope.

problem 13) Identify independent and dependent variables.