Yay! I can now post from school again!
Due Friday:
1. We have already defined scarcity and discussed it as the central theme in economics. Create a chart that contains the following information: The 4 factors of production (resources), their definition, and a real life example for each.
2. Investigate the Production Possibilities Curve as an economic model. Determine: What concepts does it illustrate, what assumptions are made in its construction, and what can be inferred from the shape of the curve?
3. Create a properly labeled PPC in your notes. Label points for fully utilized resources, idle resources, and unattainable use of resources.
Due Monday:
1. How do new technological developments impact the economy and thus the PPC? Explain in words and illustrate.
2. How does trade between nations impact the PPC?
3. Review the three economic systems (the textbook leaves out traditional).
4. Study the circular flow model on the last page of the chapter. Attempt the m/c questions.
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