In chronological order, please answer the following questions truthfully using the reference. 

1. Define Micro Economics and Macro Economics---answer---
2. What is opportunity cost?---answer---
3. What is scarcity?---answer---
4. What are the four factors of production? Give a real-world example of each.---answer---
5. Produce a Production Possibilities Curve. Label points that are inefficient, efficient, and currently unattainable.---answer---
6. What are the three basic questions that an economy must answer? Who answers them in a free market economy? A command economy?---answer---
7. What is the purpose of government in a free enterprise economy and in a command economy?---answer---
8. What is the purpose of incentives in a free enterprise economy?---answer---
9. What is the purpose of competition in a free enterprise economy?---answer---
10. Describe the circular flow of the economy.---answer---
11. Define Communism---answer---
12. Define Capitalism---answer---
13. List 3 communist countries.---answer---
14. Compare and Contrast John Maynard Keynes and Friedrich Hayek.---answer---
15. Analyze the importance of Adam Smith---answer---
16. Analyze the importance of Karl Marx---answer---

Reference:

Federal Reserve Bank of St. Louis. "Circular Flow - Economic Lowdown." YouTube, 17 Sept. 2013, www.youtube.com/watch?v=2wM0jHL6TQs.

Answer rating: 100% (QA)

Sure lets break down each question one by one 1 Define Micro Economics and Macro Economics Microeconomics focuses on individual economic agents like households and firms while macroeconomics studies t... View the full answer