1. Basic economics focus on Productivity, Opportunity Cost, Choices, Price Incentives, Specialization and Voluntary Exchange. Briefly explain each of these key terms in basic economics. 2. It is mentioned that Economists play 2 roles: scientists and policy makers. Please explain. In addition, outline why economists use scientific method and models in their works? 3. Define what is meant by the Production Possibilities Frontier (PPF). In addition, provide a short example to briefly explain PPF. 4. Briefly explain the definition of Microeconomics and Macroeconomics.

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1 Basic Economic Terms Productivity Productivity measures the efficiency of production It refers to the amount of output produced per unit of input Higher productivity implies that more goods or servi... View the full answer