Section 1, page 11, #5
Q: Describe how the owners of a computer repair store might use the four factors of production to run their business.
A:The four factors of production are land, labor, capital, and entrepreneurship. The factor land which provides the natural resources that production needs. The factor labor which would be the human resources that put into the production of the business, like the time and effort that will be put into the production. The factor capital which is is all the resources made and used by people to produce and distribute goods and services. And then there is the least factor entrepreneurship is the risk that takes to invest into the business. These factors might be used during the run of the business.
Section 2, page 17, #3
Q:Think of some of the options you have for spending time after school—sports practice, hobby clubs, work, or extra study, for example. Which option would you choose? What is the opportunity cost of your choice?
A:I would choice to go to a sports practice, and if I do so, I maybe lose the time for studying.
Section 3, page 23, #3
Q:What economic data does a PPC bring together?
A: PPC(production possibilities curve) illustrates the impact of scarcity on an economy by showing the maximum number of goods or services that can be produced using limited resources.
Section 4, page 21, #7
Q:How do you think politicians might use normative economics statements?
A:Politicians probably would listen to economists who favor favor freer international trade, but tariff barriers are standard responses.
No comments:
Post a Comment