Notes

Applied Economics
CONCEPTUALLY - the extent of which the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world.
OPERATIONALLY- the results obtained by better understanding the likely consequences of choices made by individuals, businesses, and policy makers, we can help them make better choices.

Demand
CONCEPTUALLY - the extent of which is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.
OPERATIONALLY- the results obtained by an increase in the price of a good or service tends to decrease the quantity demanded.

Equilibrium Price
CONCEPTUALLY- the extent of whichis the consumer cost assigned to some product or service such that supply and demand are equal, or close to equal.
OPERATIONALLY- the results obtained by an over-supply of goods or services causes prices to go down, which results in higher demand—while an under-supply or shortage causes prices to go up resulting in less demand.

Knowledge
CONCEPTUALLY - the extent of which facts, information, and skills acquired by a person through experience or education; the theoretical or practical understanding of a subject.
OPERATIONALLY- awareness or familiarity gained by experience of a fact or situation.

Metacognition
CONCEPTUALLY- is the process of thinking about one’s own thinking and learning.
OPERATIONALLY- It involves knowing when you know, knowing when you don’t know, and knowing what to do when you don’t know. In other words, it involves self-monitoring and correcting your own learning processes.

Viability
CONCEPTUALLY- defined as whether something is capable of growing, or something practical and able to be done.
OPERATIONALLY- the quality or state of being viable : the ability to live, grow, and develop.

self-evaluation skills
CONCEPTUALLY- the extent of which is a procedure to systematically observe, analyze and value your own professional action and its results in order to stabilize or improve it.
OPERATIONALLY- To self-evaluate means that people explore and evaluate their own professional work.

Self-reflection
CONCEPTUALLY- is taking the time to think about, meditate on, evaluate, and give serious thought to your behaviors, thoughts, attitudes, motivations, and desires.
OPERATIONALLY- the activity of thinking about your own feelings and behavior, and the reasons that may lie behind them.

Supply
CONCEPTUALLY-the total amount of a specific good or service that is available to consumers.
OPERATIONALLY- the amount available at a specific price or the amount available across a range of prices if displayed on a graph.