Assignment: For this assignment you need to answer all the(Five) questions 3 business Every productive activity involves some combination of different categories of scarce resource. Think of your OWN business proposed to start in 2022 and which product and country, Q1. Identify examples of any 10 various resources related to your business environment and list out them. [2 marks] Q2. Analyze which of the identified resources are likely to be SCARCE(minimum2) in your business and give detailed REASONS with own examples to WHY are they expected to be scarce (2marks] Q3 Identify examples of complementary goods, substitute's goods and list out any 3 for each category of goods which is related to your [3marks) Q4. Which among the following economic system is suitable for your business activity and why? 2. Capitalist economy Socialist economy c. Mixed economy You are required to build and justify three arguments in favor and against of the selected economic system. (3 Marks) 05. You are required to construct a demand and supply curve and schedule for the same product of your business by looking at the economic scenario of chosen country and analyze how price is determined and its equilibrium price. (2+3=5 Marks) Guidelines: 1 Show a thorough understanding of the purpose of the activity, 2. Display knowledge of the major practices involved and an ability to apply them effectively, 3. Provide evidence of wide reading, including academic journals. 4. Demonstrate an ability to select critical points, evaluate them and communicate the conclusions effectively. S. Provide approaches that are creative, practicable, and supported. Note: Check similarity index in Turnitin and download the same report for submission. All the conditions apply in this regard as per ACT Plagiarism Policy, Late submission would have (-1) mark penalty. Prepared by: Course Lecturer (MS. Net Kwatre, Dr. Rashmi mistral AlBalushi Approved by: HOSHIRM Islam Saleh Shikk Assignment: For this assignment you need to answer all the(Five) questions 3 business Every productive activity involves some combination of different categories of scarce resource. Think of your OWN business proposed to start in 2022 and which product and country, Q1. Identify examples of any 10 various resources related to your business environment and list out them. [2 marks] Q2. Analyze which of the identified resources are likely to be SCARCE(minimum2) in your business and give detailed REASONS with own examples to WHY are they expected to be scarce (2marks] Q3 Identify examples of complementary goods, substitute's goods and list out any 3 for each category of goods which is related to your [3marks) Q4. Which among the following economic system is suitable for your business activity and why? 2. Capitalist economy Socialist economy c. Mixed economy You are required to build and justify three arguments in favor and against of the selected economic system. (3 Marks) 05. You are required to construct a demand and supply curve and schedule for the same product of your business by looking at the economic scenario of chosen country and analyze how price is determined and its equilibrium price. (2+3=5 Marks) Guidelines: 1 Show a thorough understanding of the purpose of the activity, 2. Display knowledge of the major practices involved and an ability to apply them effectively, 3. Provide evidence of wide reading, including academic journals. 4. Demonstrate an ability to select critical points, evaluate them and communicate the conclusions effectively. S. Provide approaches that are creative, practicable, and supported. Note: Check similarity index in Turnitin and download the same report for submission. All the conditions apply in this regard as per ACT Plagiarism Policy, Late submission would have (-1) mark penalty. Prepared by: Course Lecturer (MS. Net Kwatre, Dr. Rashmi mistral AlBalushi Approved by: HOSHIRM Islam Saleh Shikk