Through the use of the text choose four)
Define Micro/Macro Economics (p. 4)
List the four scarce resources (p. 8).
Explain the cost involved when you make the choice to create more robots & the cost involved when you create more pizza in the pizza & robots table. (p. 9) Also, explain the economic rationale behind the law of increasing costs. (p.9)
Draw the production possibility curve & explain the points inside, on, & outside the curve (p. 10 & 12).
List & explain the economic systems (p. 26)
Explain three of the characteristics of the market system (p.27)
List & explain the five fundamental questions (p. 31)
Explain the concept of the Invisible hand, it’s 3 virtues, who created it, when & in what book. (p. 34)
Why would it be better to live in Presentville or Futureville p. 13 based on your choice of consumer or capital goods? Explain two reasons for the choice you made.
In which Village are consumer goods more attractive & what is the future growth impact? Explain two reasons for the choice you made.
On page 479, what is the GDP, unemployment, and inflation for 2018?