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- Why people are the real products of economic development?Explain how the economic principles guides economic growth and productivity?refute this statement with reasons The government should impede the pace of innovation, which is tearing apart the social fabric of the country. While some get rich from newfangled ideas, others watch bitterly as their livelihoods are destroyed.
- Look around you and try to identify ten (10) objects/items that you may consider as evidences of Economic growth. On each item, explain why you consider it as proof of economic growth. Then try to define Economic Growth using those observations.Draw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.Consumers read positive economic news and then expect strong future economic growth.