1. 1. The single most important purpose of an economics principles text and course is to help students learn the economist's way of thinking.
2. While the scientific method is applicable to studying natural sciences, it is not useful ins studying an economic system.
3. Economists are usually able to conduct carefully controlled experiments to test their theories.
4. Since natural experiments offered by history can't be used in economics, carefully constructed laboratory experiments must be used.
5. The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price.
6. equilibrium in a market is found where the supply curve and the demand curve intersect.
7.
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