Introduction to economics

Discuss the following question Individual assignment 10% marks for 1st year
students, refer books for discussion and give your own examples whenever
necessary.

1. Discuss the three basic economic problems of any nation.

2. Explain the 4 economic resources /factors of production.
3. Explain the concept and characteristics of entrepreneurship .
4. Discuss the advantages and disadvantage of the three economic system free market,
mixed and command economy.
5. Draw and explain the circular flow model of free market and mixed economy.
6. Explain how to formulate policy in economics using the induction and deduction
method
7. Give an example and explain the positive and normative economics
8. Give an example and explain the micro and macro economics
9. Explain the difference between allocative efficiency and productive efficiency.
10. Explain the PPC model assumption its properties and how it explains the scarcity,
choice and opportunity cost their relationship.
11.How the concept of Scarcity related to economics, do economics solves scarcity
how?
12.Explain the circular flow model of free market and mixed economics system.
13.Discuss the concept of full employment and full production in efficient economy.
14. What are the major factors which shifts increases the PPC curve.
15.Give an example and explain the labor and capital intensive technology
16.Given the following PPC equation, explain draw graph based on table and explain
the PPC concepts calculate and answer the following based on the given tables

Food 60 48 30 12 6 0
Cloth 0 6 12 18 24 30
A B C D E

A. What is the opportunity cost of going from A to B

B. What the opportunity cost going from C to D
C. What is the opportunity of the country if no cloth is produced
D. Explain the increasing opportunity cost concept