“Economics”

“Economics” Answer all Questions Submit the hard copy of your assignment on Thursday, Next week or online through turnitin Question 1 Define the term “Economics” Question 2 What are the two types of Economics? (i)    ……………………………………….. (ii)    ………………………………………. Question 3 What is Microeconomics? Question 4 What is Macroeconomics? Question 5 What are the three fundamental questions that the society faces? Question 6 Provide one example to explain the fundamental questions question 5 above Question 7 What is scarcity? Question 8 Is scarcity, poverty in other words? Explain why or why not Question 9 What is opportunity cost? Question 10 Provide one example from your own experience to explain the concept of opportunity cost. For example, in my case, it cost me time with my family, for me to go to work. So the opportunity cost of working is the quality time with my family Question 11 What is tradeoff when explain the concept of scarcity? Question 12 What is budget line? Question 13 What is production possibility frontier (curve)? Question 14 Explain very briefly the following concepts when explaining the term tradeoff (i)    Efficient point (ii)    Inefficiency (iii)    Unattainable Question 15 What is invisible hand? Question 16 Provide an example from your own experience to explain the concept of invisible hand Good luck!