question archive 1) What are the four main categories of resources? Explain each of them
1) What are the four main categories of resources? Explain each of them
Subject:EconomicsPrice: Bought3
1) What are the four main categories of resources? Explain each of them.
2. Explain what happens in the simple circular flow diagram?
What effect do price controls have on the market system?
3. Explain what can we learn from a country's production possibilities curve?
a) How can a nation production possibilities curve shift inward?
b) Why the production possibilities cure is bowed-out in shape?
4. Will a nation tend to export or import goods for which it has comparative advantage? Explain.
5. How can we measure the opportunity cost of producing a good? Using a bowed outward production possibilities curve between ice cream and hammers, identify graphically the opportunity cost of obtaining an additional hammer.
6. Does economic growth eliminate scarcity? Why?
