Question: 1 ) Be able to define and explain the difference between scarcity and poverty. 2 ) What is scarcity? What does it imply? 3 )

1) Be able to define and explain the difference between scarcity and poverty. 2) What is scarcity? What does it imply? 3) How do markets ration? How does rationing occur in central planning or political organization? a. How does competition show itself in each system? 4) Know the eight emphasized points. 5) What is positive economics? What is normative economics? Be able to distinguish between examples of each.

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