1.    According to Heilbroner, the solutions to the two basic economic problems/tasks are: 2.    a.tradition, markets, and interest rates. 3.    b.production and distribution. 4.    c.manorial estates, guilds, and the Catholic Church. 5.    d.command, markets, and tradition. QUESTION 7 1.    According to Heilbroner, there are two key tasks/problems that all societies face. These are: 2.    a.Maintaining low interest rates and low inflation. 3.    b.Maintaining demand and supply.  4.    c.Production and distribution. 5.    d.The law of demand and the law of supply. 1 points

Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice, and efficiency.  Graph 2: Draw a production possibilities model which illustrates economic growth.  Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.  Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter.  Put two points, A and B, on the curve.  Using the two points, explain the concept of government (or market) failure.

Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth.

1. It regulates the engagement between the producer and the consumer.  A. Chamber of commerce B. Local community C. Government   2. Economic development is measured by looking at A.Wealth of the community B.Quality of life C.Type of businesses present   3.It is regarded as the engine of the economy. * A.Entrepreneurship B.MSME's C.Education 4.The future belongs to those who can think like a;  A. Positive person B.Scientist C.Entrepreneur   5.Which of the following is an entrepreneurial mindset? * A.Vulnerable Mind B.Resilient Mind C.Rigid Mind   6. is more interested in being unique. A.Independent Mind B.Risk Managing Mind C.Designing Mind   7.It is determined to achieve stretch goals. * A.Resilient Mind B.Independent Mind C.Goal oriented and effectuating mind   8. It has the propensity to take calculated risks. * A. A positive mind B.Risk managing mind C. Calculated risk mind   9.It…

Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth. Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost. Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter.  Put two points, A and B, on the curve.  Using the two points, explain the concept of government (or market) failure.

What are the key elements of the scientific method and how does this method relate to economic principles and laws?

1. In Your Own Point of View.. Which is More Productive in the Three Sectors Of Production  and Why....?

1. Scarcity means that resources are: a. Unlimited b. Under severe restrictions c. Fewer people want them d. Less able to be fulfills 2. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. She buys the chocolate bar as she wants it more than the drink and the crisps. The opportunity cost of buying the chocolate bar is a. Can of drink b. Can of drink and packet of crisps c. Packet of crisps d. Chocolate bar 3. For future development of the economy, sustainable growth is important a. True b. False 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control…

plase solve all 8 quetions 1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs. 2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production. A. Capital. B. Entrepreneurship. C. Labour. D. Land. 4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system. A. Free market. B. Traditional. C. Mixed. D. Command. 6. Which one of the following is not a macroeconomic goal? A. Control inflation. B. Achieve unemployment. C. Promote economic growth. D. Avoid balance of payment difficulties. 7. An economy experiences inflation when __________________________. A. The investments are rising. B. The population is rising. C. The general…

Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost. Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter.  Put two points, A and B, on the curve.  Using the two points, explain the concept of government (or market) failure.