1. Provide definition of economics, microeconomics and macroeconomics 

2. why do we need to study economics? Briefly explain. 

3. It is mentioned that economics focus on (the eocnomic problems and scarcity). Please explain. 

4. What is an opportunity cost? Provide an example to illustrate your points. 

5. Briefly explain the circular flow in the economy. 

6. Explain how international trades can be increased among countries? (based on class discussion) 

7. When talking about international trade, we can see that two countries have their own specialization in producing their product for export. Please explain why each country need to have their own specialization in international trade? 

8. prepare drawing a graph that focuses on the PPF and Opportunity cost, plus its formula. 

9. It is stated that Economists play two roles: scientists and policy advisors. Please explain. 

10. Explain what is market, demand? find an example to support your explanation. 

11. What is a demand schedule? In addition, draw a table showing the demand schedule for Milk.

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Definition of Economics Microeconomics and Macroeconomics Economics is the study of how individuals businesses and governments allocate scarce resourc... View the full answer