Problem
i. Basic economics focus on Productivity, Opportunity Cost, Choices, Price Incentives, Specialization and Voluntary Exchange. Briefly explain each of these key terms in basic economics.
ii. It is mentioned that Economists play 2 roles: scientists and policy makers. Explain. In addition, outline why economists use scientific method and models in their works?
iii. Define what is meant by the Production Possibilities Frontier (PPF). In addition, provide a short example to briefly explain PPF.
iv. Briefly explain the definition of Microeconomics and Macroeconomics.