In one or two sentences, define of each of the following terms and briefly explain their economic significance or their importance to the study of Macroeconomics. a. Opportunity Costs b. The Law of Diminishing Marginal Returns c. Property Rights

Provide a real world example that you think is a macroeconomics analysis. Also explain what ma it is a macroeconomics analysis vs. a microeconomics analysis

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?

Macroeconomics examines economies on a large scale, while microeconomics scale. E examines economic activity on a relatively small