What does Joseph Schumpeter mean by “Creative Destruction”? Please give examples from the period of 1865 to 1930.

Describe any four economic systems that you know of in your economy

List the categories of scarce resources and delineate the nature of society’s economizing problem.

What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

Why are individuals, businesses and countries forces to weigh the benefits and costs of their decisions?

There are dozens of laptop manufacturers around the world. Does the idea of efficient production mean that there should only be one laptop manufacturer making laptops at the lowest marginal cost?

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 technology

That the free flow of goods and capital creates economies of scale is not necessarily a good thing. Economies of scale encourage increased production which can lead to significant externalities, like pollution. Please provide a counter argument for the above statement

According to our reading, what does the term Creative Destruction mean? Multiple Choice None of the above. It refers to the process of how new technology or ideas replaces old technology or ideas. When the government taxes profits at a high level, then businesses will be destroyed. It means that the economy is ruined and is suffering an economic depression.

Which of the following is(are) good example(s) for explaining the economic concept of scarcity? (We talked about them in the lectures.) ''For a 1000-mile trip to Florida should I drive or should I take the bus'' example The day care center example where parents pay a small fee when they are late to pick up their kids The open buffet brunch example The model of the production possibilities frontier 'Heather how much compost to use for the tomatoes'' example