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Chapter 1 Nature & Scope - Coggle Diagram
Chapter 1 Nature & Scope
Nature
Ceteris paribus
Positive vs normative economics
Scope
Microeconomics
Macroeconomics
Central problem
Scarcity
Choice
Opportunity cost
Decisions
What to produce
How to produce
How much to produce
For whom to produce
PPC
Interpretation of points on, within and beyond the curve
Shift of curve due to changes in FOP
Negative slope