Question: Discuss why the basic economic problem is scarcity, by giving a real-life example! Discuss why private property is economically and politically desirable by giving 2

  1. Discuss why the basic economic problem is scarcity, by giving a real-life example!
  2. Discuss why private property is economically and politically desirable by giving 2 specific examples!
  3. Define the four broad categories of resources. Give one example for each category.
  4. What does it mean when:the PPF is downward sloping, and the PPF is bowed outward.
  5. What is a price ceiling? List four results that a price ceiling will lead to

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