ECO 101

Task: • Explain how to make decisions by comparing marginal costs and marginal benefits • Define opportunity cost and explain its relationship to economic reasoning • Differentiate between micro and macro economics • Demonstrate opportunity cost with a PPF • Relate the concept of comparative advantage to the PPF • State the principle of increasing marginal opportunity cost • State how, through comparative advantage and trade, countries can consum

25 Other / Other Washington State University / ECO 101 18 Nov 2020