• Absolute and comparative advantage:Explain how these concepts describe the benefits and costs of international trade.
• "Invisible hand":What is it and how does it affect the decision-making process in our economic system?
• Circular flow diagram:Include the government sector in your explanation, a description of the roles that each participant plays in the economy, and how the different sectors interact in the markets.
• The Production Possibilities model:Provide an example and include a summary of what the model is illustrating and the economic implications for the economy.
• Microeconomics and macroeconomics:Explain the differences between the two and why economics is divided into these two subdivisions.