1.) What is the difference between an Elastic and Inelastic good? Give examples. 2.) What are the four factors of production? 3.) Graph a Production Possibility Frontier also known as the Production Possibility Curve. 4.) Graph a point inside, outside and on the curve. Label them efficient, inefficient and unattainable (label them correctly!) 5.) What is a scarce resource? Is a diamond an example of a scarce resource? What about dirt in New Mexico? 6.) Look at the Production possibility table showing the combinations of Clothing and Electronics. Please tell me at combination B, the production of clothing is units and the production of electronics is units. 7.) If I move from Point E to Point I, what is my opportunity cost in terms of clothing? Combinations A B C D E F G H Clothing 54 52 49 45 40 34 27 19 10 0 (in units) Electronics 0 2 3 4 5 6 7 8 9 (in units)