Problem 3
What economic data does a PPC bring together?
Problem 4
Why do opportunity costs increase as you make more and more butter and fewer guns?
Problem 4
Think of an example of a macroeconomic issue that affects an individual person, family, or business and explain its effect.
Problem 4
What services that individuals or businesses provide do you use every day?
Problem 4
How is a decision-making grid an example of cost-benefit analysis?
Problem 5
Describe how the owners of a computer repair store might use the four factors of production to run their business.
Problem 5
Explain the value of statistics and other data to positive economics and to normative economics.
Problem 5
Use the concepts of marginal costs and marginal benefits to explain why some people might see the same movie ten times while others will watch it only once or twice.
Problem 7
Making Inferences How do you think politicians might use normative economics statements?
Problem 7
Many high schools throughout the United States have faced a serious shortage of math and science teachers. Many prospective teachers choose to go into business and industry because of higher salaries. In some communities, businesses are "loaning" employees who want to teach part-time to schools to fill the math and science teacher gap. Does this scenario illustrate scarcity? Why or why not?
