Reference no: EM131606793

Part 1:

1. Consider how to apply the economic terms, supply, demand, elasticity, comparative advantage, consumer surplus, deadweight loss to the consumer market.
2. Consider your personal experiences in theory, case studies, and examples of economics in the news and how you can apply it to refine your skills.

Part 2:

1. Consider how an economy coordinates the activities of millions of people with varying tastes and abilities.
2. Consider the reasons for economic interdependence.

Part 3:

1. Consider the combination of supply and demand and how together they make the market economies work.
2. Consider how supply and demand affects buyers and sellers behavior and how they interact with one another.
3. Consider how supply and demand determine prices in a market economy and how prices, in turn, allocate the economy's scarce resources.