- What is economics?
- Differentiate between
economic "needs" vs. "wants".
- What is the Law of Diminishing
Returns?
- What is Opportunity Cost?
- What is meant by internal
costs, external costs, and true costs?
- What are the advantages
and disadvantages of internatizing external costs?
- Apply internal costs,
external costs, true costs, diminishing returns, and opportunity cost to the
pollution example (be able to draw the graph given in class for determining
optimum pollution emission levels for smoke coming out of a smokestack at
a factory).
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