the book: Freakonomics in Chapter 3-4

begin to think like an economist. investigate the basic principles of microeconomics and learn how to applay them to a variety of economic questions and issues. focus on how individuals make choices under conditions of scarcity. examine how individuals choose to use scarce resources to produce various commodities, and how these goods are distributed to society for individual consumption. objective is to think like an economist to analyze the way households, businesses, and governments behave.

write three separate reading summaries based upon the following chapters from Freakonomics.
Ten Principles of Economics Chapter 1
Thinking Like an Economist
Chapter 2
Interdependence and the Gains from Trade Chapter 3

How Markets Work
The Market Forces of Supply and Demand Chapter 4
Elasticity and Its Application Chapter 5
Supply, Demand, and Government Policies Chapter 6

Markets and Welfare
Consumers, Producers, and the Efficiency of Markets Chapter 7
Application: The Costs of Taxation Chapter 8
Application: International Trade Chapter 9

Firm Behavior and the Organization of Industry
The Costs of Production Chapter 13
Firms in Competitive Markets Chapter 14
Monopoly Chapter 15
Monopolistic Competition Chapter 16
Oligopoly Chapter 17

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