“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!