Before moving on to try to understand and analyze the workings of market systems, we need to have a broad understanding of just what we are trying to study in this class, and why. This was covered in this lesson.
At this point, you should be able to answer the following questions:
- What are the three axioms of the economic way of thinking?
- What are Mankiw's seven "principles of microeconomics"?
- Can you explain what economists mean by the terms "utility" and "monetization"?
- What is a normative question?
- What is a positive question?
- What are the constituent parts of a property right?
If you login to Canvas, you will find the tasks to be completed for this lesson: a timed online quiz, an untimed homework assignment, and the weekly discussion forum.
Have you completed everything?
You have reached the end of Lesson 1! Double check the list of requirements on the first page of this lesson to make sure you have completed all of the activities listed there.
Tell us about it!
If you have anything you'd like to comment on or add to the lesson materials, feel free to post your thoughts in the discussion forum in Canvas. For example, if there was a point that you had trouble understanding, ask about it.