Reference no: EM132197789

Provide a brief synopsis of the differences between private, common, and public goods, and the value of this difference to the economy. Define market structures and costs of production and how they operate in an economy. Explain the significance of consumer behavior to the economy in terms of marginal utility, total utility, and diminishing utility on the economy. Discuss the relationship between taxation, government intervention, and supply and demand and its relationship to economic growth. Explain opportunity costs and their importance to decision making at both the individual and organizational level in the economy.