1. Lesson 1
a. From Lesson 1 how many different definitions of economics can you find? Explain briefly how they are related to one another. [definitions, not descriptions].
1-Economics is the study of allocation of scarce means to alternative uses.
2- We want to understand the typical person, not the exceptions ir unique people.
3- Economics is not dismal, it's about understanding about what is going on. It is an art an a science at the same time. Economic is not an exact science, that is why some doubt is a science.
4- The study of men in the ordinary life. Study people in all aspects of their life.
5- The study of individual choice and its understanding. Choice involves scarcity we have to choose.

b. Why are private property rights important for the smooth functioning of an economy?
The legal and actual right to use and dispose property. The most important fact. This is the only way business owners know that contracts and deals will follow through. Economics cannot exist without it.
c. From Lesson 1B draw a PPC with increasing opportunity costs. Show geometrically that for equal gains in fish, the sacrifice in fruit gets progressively larger. Explain this. [you may use PowerPoint or Microsoft Word drawing or anything that works for you to draw it and save it for submission.]
The more we use fish the less we produce fruit. This is since we do not want to waste the opportunity cost on fruit which provides less profit

2. Lesson 2
a. From Lesson 2, it was argued that there are two ways of defining demand and that they lead to the same demand curve – the two views of demand are equivalent. Explain this and support the argument that they are equivalent. [explain why you think they result in the very same demand curve no matter what definition you use].
One emphasis on the amount demanded, and the other in the demanded