1. Need 300 words No copying
Time is a very valuable resource. Because there are only 24 hours in a day, it becomes a scarce resource. In terms of economics, how do you determine everything that you can do in a day? What factors do you use to prioritize the events? While thinking of opportunity costs, what do you give up in order to meet your objectives?
2. Need 450 words
Economics is split into two parts: Microeconomics and macroeconomics. In your own words, answer the following questions in paragraph form:
- What is the difference between microeconomics and macroeconomics?
- What types of items are studied in each discipline?
- How do you know if either is efficient?