-Q: Describe how the owners of a computer repair store might use the four factors of production to run their business.
-A: A computer repair store needs a store, someone to repair, money to start the business, and a way to advertise their occupations.
Section 2, p. 17, #3
-A: A computer repair store needs a store, someone to repair, money to start the business, and a way to advertise their occupations.
Section 2, p. 17, #3
-Q: Think of some of the options you have for spending time after school -- sports practice, hobby clubs, work or extra study, for example. Which option would you choose? What is the opportunity cost of your choice?
-A: I would choose sports practice, but the opportunity cost to this decision is not being able to finish my work as early as I would have done so.
Section 3, p. 23, # 3
Section 3, p. 23, # 3
-Q: What economic data does a PPC bring together?
-A: The PPC is able to illustrate the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resources.
Section 4, p. 31, #7
-Q: How do you think politicians might use normative economics statements.
-A: Normative economic statements are all based on value judgments and everyone views it differently to whether or not such a course of action is the correct thing to do. For example politicians may use it purely for the benefits for themselves and not being able to see that it is harming the society.
Section 4, p. 31, #7
-Q: How do you think politicians might use normative economics statements.
-A: Normative economic statements are all based on value judgments and everyone views it differently to whether or not such a course of action is the correct thing to do. For example politicians may use it purely for the benefits for themselves and not being able to see that it is harming the society.
