1. Compare the similarities and differences of the three major strands in the definition of economics.

2. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
3. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
4. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
5. Explain what it means to “think at the margin” and how it relates to applied economics.

6. Compare the similarities and differences of the three major strands in the definition of economics.
7. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
8. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
9. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
10. Explain what it means to “think at the margin” and how it relates to applied economics.

11. Compare the similarities and differences of the three major strands in the definition of economics.
12. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
13. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
14. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
15. Explain what it means to “think at the margin” and how it relates to applied economics.

16. Compare the similarities and differences of the three major strands in the definition of economics.
17. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
18. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
19. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
20. Explain what it means to “think at the margin” and how it relates to applied economics.

21. Compare the similarities and differences of the three major strands in the definition of economics.
22. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
23. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
24. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
25. Explain what it means to “think at the margin” and how it relates to applied economics.

26. Compare the similarities and differences of the three major strands in the definition of economics.
27. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
28. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
29. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
30. Explain what it means to “think at the margin” and how it relates to applied economics.
31. Compare the similarities and differences of the three major strands in the definition of economics.
32. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
33. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
34. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
35. Explain what it means to “think at the margin” and how it relates to applied economics.

36. Compare the similarities and differences of the three major strands in the definition of economics.
37. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
38. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
39. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
40. Explain what it means to “think at the margin” and how it relates to applied economics.

41. Compare the similarities and differences of the three major strands in the definition of economics.
42. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
43. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
44. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
45. Explain what it means to “think at the margin” and how it relates to applied economics.

46. Compare the similarities and differences of the three major strands in the definition of economics.
47. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
48. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
49. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
50. Explain what it means to “think at the margin” and how it relates to applied economics.

51. Compare the similarities and differences of the three major strands in the definition of economics.
52. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
53. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
54. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
55. Explain what it means to “think at the margin” and how it relates to applied economics.

56. Compare the similarities and differences of the three major strands in the definition of economics.
57. Explain why profit or net surplus is not maximized when marginal benefit is lower than marginal cost?
58. Compare how the three economic systems of allocation (market, command, and tradition) answer the basic
questions of production and distribution?
59. What is the difference between explicit benefits/costs and implicit benefit/costs? Identify the explicit and
implicit costs of school attendance?
60. Explain what it means to “think at the margin” and how it relates to applied economics.