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- What is the production possibilities frontier? A. a map that shows areas of the world in which capitalist production is highest B. a map that shows the frontier beyond which technological innovation is unprofitable C. a graph that shows the various combinations of resources that can be used to produce a given level of output D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technologyWhat type of "Scarcity" in your daily life do you face? Briefly describe.Explain the linkage between Scarcity and the following Choice Opportunity cost Competition
- Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.Explain the following in not more than half a page Opportunity cost. Production possibility frontier. scarcityWhy is private property so essential to the market system's functioning, and why must property rights be protected? What ways do property rights promote collaboration?
- While Marcus and his friends were watching a movie last Saturday, Marcus received a phone call from his father. After receiving the phone call, Marcus decided to leave the cinema immediately without finishing the movie. What economic concept did Marcus use to make this decision? Explain.Which of the points are feasible and which are efficient?Explain the link between scarcity and opportunity cost Explain the link between scarcity and competition
