Answer to Question #268608 in Microeconomics for Althea Amor Galdo

Question

1. How are the four factors production used in satisfying wants and needs of an individual with unstable economy and high rate of unemployment? Explain by citing an example.

2. How does scarcity affect the production of goods and services in relation to the factors of production? Justify your answer.

3. Explain the concept of production possibilities curve and understand the implication of its downward slope and bowed out shape?

4. Explain what is meant by a production possibility curve and how you use it to explain the concept of scarcity, choice, and opportunity cost?Justify your answer.

5. What is scarcity in how does it relate to the definition of economics?

6. Explain the view that an understanding of the principles of scientific decision-making is fundamental to the success of modern economy during this time of pandemic?

Note: Each item consist of 200 words thnks a lot....

Answer 1

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