In chronological order, please answer the following questions truthfully using the reference . Define Micro Economics and
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Question:
- Define Micro Economics and Macro Economics---answer---
- What is opportunity cost?---answer---
- What is scarcity?---answer---
- What are the four factors of production? Give a real-world example of each.---answer---
- Produce a Production Possibilities Curve. Label points that are inefficient, efficient, and currently unattainable.---answer---
- What are the three basic questions that an economy must answer? Who answers them in a free market economy? A command economy?---answer---
- What is the purpose of government in a free enterprise economy and in a command economy?---answer---
- What is the purpose of incentives in a free enterprise economy?---answer---
- What is the purpose of competition in a free enterprise economy?---answer---
- Describe the circular flow of the economy.---answer---
- Define Communism---answer---
- Define Capitalism---answer---
- List 3 communist countries.---answer---
- Compare and Contrast John Maynard Keynes and Friedrich Hayek.---answer---
- Analyze the importance of Adam Smith---answer---
- Analyze the importance of Karl Marx---answer---
Reference:
Federal Reserve Bank of St. Louis. "Circular Flow - Economic Lowdown." YouTube, 17 Sept. 2013, www.youtube.com/watch?v=2wM0jHL6TQs.
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