1.Explain the difference between the opportunity cost and the accounting cost and provide an example. (Ch. 1 trade offs) 2. Why do economists only calculate

1.Explain the difference between the opportunity cost and the accounting cost and provide an example. (Ch. 1 trade offs) 2. Why do economists only calculate the opportunity costs? Why do we bother to spend a whole chapter to understand these various types of costs? (Ch.1 trade offs) 3. Explain investment such as trade-off, and give an example of foreign exchange trading. (Ch1 trade offs) 4. Identify how society manages its scarce resources and why economists are viewed as both scientists and policymakers. 5. Demonstrate how comparative advantage and interdependence benefit people And give an example. 6. Explain how the economy coordinates interdependent economic actors through the market forces of supply and demand. 7. Elaborate on the impact of elasticity, price controls, and taxes on supply and demand. 8. How is economics a science? (Ch. 2)

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