a.Discusses the principles of individual decision making with examples   b.Explain with your own words the determinants of price elasticity of demand.   c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples,

Which of the following are examples of positive economics? O A. I only. I. A free market in kidneys would end the shortage of kidneys. B. II & III. II. People should not sell organs for profit. C. 1 & IV. III. The United States should not trade with countries with human rights abuses. D. They are all normative statements. IV. Workers pay the majority of corporate taxes in the form of lower wages.

1. What are the characteristics of a good theory? What makes a theory practical? How can an entrepreneur use the resource-based theory for his or her advantage? 2. Explain the problems we would have if there was a “law of entrepreneurship.” 3. How does each of the four attributes of resources contribute to SCA?

A) Which of the diagrams above best explains improved technology in the production of cars? B) Which of the diagrams above best explains improved technology in the harvesting of grapes? C) Which of the diagrams above best explains overall improvements in productivity?

Which government action would be taken ina command economy to address the problem of economic scarcity? O A. offering subsidies on agricultural commodities to decrease surpluses O B. rationing limited resources in order to meet the needs of the state O C. encouraging private investment in technology to increase production D. providing temporary unemployment benefits to encourage job training hp

Question 1 a. Draw a production possibilities curve for a hypothetical economy producing capital goods and consumer goods Tlhustrate economic growth and 1use (A) to represent an inefficient b. Explain the law of increasing opportunity cost. c. Explain why scarcity forces individuals and society to incur opportunity costs. Give three (3) specific examples.