Assignment # 1 - -

1. What are society's economic resources? Identify and describe each one. (10 pts)
2. Explain, opportunity cost. Then, explain two examples from your own personal or professional life where you have dealt with opportunity cost. (20). Do not use examples from the textbook or videos (that will be worth zero)
3. Explain the difference between positive and normative economics. Then, go on the internet, not blackboard, find one Macroeconomics fact.Provide citations from the sites you use. State the fact positively and then state it normatively. (10)
4. What are the 3 key economic ideas? Explain what they are and how each one of them applies to you. Provide a real-world example of each one from your own life. (10)
5. What are the three fundamental questions? State each one of them. Explain how your household or the company your work for answers each one of these questions. (20)
6. You are given the following data for Consumer's Spending Patterns in the USA from 1985-2020. The data was collected by the US Department of Commerce in Washington DC. Income is measured in $1000's and spending is measured in $100's. In one clearly and accurately labeled graph, which we will name Graph # 2A, properly graph the data (20 pts)

Income per year spending per year

15 12

20 15

10 8

0 1

5 5

1. Calculate the slope of the line you just graphed. Explain what your answer means. Show all work. (10 pts)