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- Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resourceExplain the following concepts 1.scarcity 2.choice 3.opportunity cost 4.resources 2.state four features each of the three economic systemsCarefully define the following terms and explain their importance to the study of economics. a. resources b. rational decision c. scarcity d. opportunity cost
- Carefully define the following terms and explain their importance to the study of economics. A. Opportunity cost B. scarcityMovement along a production possibilities curve shows which of the following? a. The trade-offs society faces b. The total amount of available resources c. The combination of inputs required for a given output d. The relationship between the price of an input and the quantity demanded e. The decrease in efficiency1. MICROECONOMICS
- 1. Discuss the idea of an opportunity cost and think of three opportunity costs that you have made today 2. What is marginal benefit? How is it measured?match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costReview the six core principles of economics, from topic 2 this week. People choose All choices involve costs (opportunity cost) People respond to incentives in predictable ways Economic systems influence choices and incentives Voluntary trade creates wealth The consequences of choices lie in the future Then, write a 500-600 word essay on how these core principles apply to your most recent online activity as a consumer. In your work, be sure to include a definition of the new media economy.
- Figure - Production-Possibilities Curve Office Buildings .C D Housing It is not possible for society to produce this combination of office buildings and housing with current resources and technology. Which of the following points in the figure could represent this combination? Multiple Choice A B B .AAnalyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.Question 1 What does the Production Possibilities Frontier of a firm show and how does it relate to scarcity and budgeting? Draw the Production Possibilities Frontier for a firm producing two goods, and explain what the various positions in the diagram mean.