Question: What are the basic economic resources? Explain the difference between absolute advantage and comparative advantage. Illustrate (using production possibilities frontier) an economy operating at full

  1. What are the basic economic resources?
  2. Explain the difference between absolute advantage and comparative advantage.
  3. Illustrate (using production possibilities frontier) an economy operating at full production capacity, label it as pt A; an economy operating less than full production capacity, label it as pt B; and an economy operating at a desirable level but unattainable given resource limitations, label it as pt. C.
  4. What are the main sources of economic growth?
  5. What are the types of economic systems? Kindly provide examples.

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