1. Opportunity Costs   What do economists mean by “opportunity cost?”  What a

  
1. Opportunity Costs
 
What do economists mean by “opportunity cost?”  What are your opportunity costs in taking this course?
2. Demand v. Quantity Demanded
 
What is the difference between a decline in the quantity demanded and a decline in demand? Give an example of something that you now buy less of. Is it an example of a decline in the quantity you demand or a decline in your demand?