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{"ops":[{"attributes":{"bold":true},"insert":"QUESTION 1 "},{"insert":"\n\nIs the problem of coordination common to all economies?\u00a0Explain how the problem is met in a market economy and how coordination was dealt with in a command economy.\n\u00a0\n"},{"attributes":{"bold":true},"insert":"QUESTION 2 "},{"insert":"\n\nWith using circular flow model briefly explain the movement of factor of production and good and service in a market.\u00a0\n\n"},{"attributes":{"bold":true},"insert":"QUESTION 3 "},{"insert":"\n\nImagine a society that produces military goods and consumer goods, which we\u2019ll call \u201cguns\u201d and \u201cbutter\u201d. Draw a production possibilities frontier for guns and butter. Explain the concepts of\u00a0scarcity, choice, opportunity cost.\n"}]}
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