Assignment:
The Economic Perspective
How do we define economics as a social science?
Economics studies how individuals and institutions (business firms, governments, etc.) make the best choices in allocating limited resources over unlimited needs.
Scarcity and Choice
How do we define the concept of opportunity cost? Provide a simple example.
Marginal Analysis
How do we use marginal analysis (i.e. comparison of marginal benefit and marginal cost) in making decisions? Provide a simple example.
Microeconomics and Macroeconomics
We study economics at two different levels: microeconomics and macroeconomics.
Microeconomics
Define microeconomics, stating how it is different from macroeconomics. Provide an example for a microeconomic issue.
Macroeconomics
Define macroeconomics, stating how it is different from microeconomics. Provide an example for a macroeconomic issue.
Positive and Normative Economics
There is a distinction between positive economics and normative economics.
Positive Economics
Define positive economics, stating how it is different from normative economics. Make a positive economic statement.
Normative Economics
Define normative economics, stating how it is different from positive economics. Make a normative economic statement.
Attachment:- Assignment.rar