1. Define basic economic concepts.
2. Define the role of the company and the manager within the capitalist economic system.
3. Explain the steps in managerial decision making.
4. Explain the role of the public sector in a capitalist economic system.
5. Discuss Puerto Rico's economic system, the role of the public sector, and the positive and negative aspects of legislation that has impacted the public sector.
6. state the demand function, supply function and market equilibrium.
7. Detail and analyze the situations that cause changes in the behavior of consumers and producers and alter the
consumers' and producers' behavior and alter the market equilibrium.
8. Define elasticity, price elasticity, income elasticity and cross elasticity of demand.

9. Analyze the causes of elasticity.

Answer rating: 100% (QA)

Basic economic concepts refer to fundamental principles and ideas that form the foundation of economics Some of these concepts include Scarcity The fundamental economic problem of limited resources re... View the full answer