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Part I: Short answer
Give short and precise answers to the following questions.
1) List down the two fundamental facts which are the foundation in the field of econ
omics.
2) List down the four types resources.
3) Define the phase 'opportunity cost'
4) What are the major functions of entrepreneur?
5) List down the two reasons for as the PPF to shift right ward.
6) Why is the production possibility curve downward sloping?
7) Define product markets.
8) What is the difference between economic growth and economic development?
Explain
briefly.
9) Explain, how the technology improvement affects the output of the economy?
10) State the law of diminishing marginal utility.
11) What does the cross elasticity of demand measure?



Answer :

GinnyAnswer

Final answer:

Economics studies resource allocation amidst scarcity. Scarcity and opportunity cost are core concepts within economics.


Explanation:

Economics is the study of how societies allocate scarce resources to satisfy unlimited wants. Scarcity and opportunity cost are fundamental concepts in economics where scarcity refers to the limited availability of resources while opportunity cost is the value of the next best alternative foregone. The production possibilities curve (PPC) demonstrates the trade-offs an economy faces due to scarcity and opportunity cost.


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