Microeconomics

Assignment Task

 Questions 

1. Explain the issues of scarcity and trade-offs, and how the market makes decisions on these issues

2. Identify the role of models in economic analysis

3. Outline the difference between microeconomics and macroeconomics

4. Analyse opportunity costs and trade-offs using a production possibility frontier

5. Summarise comparative advantage and explain how it is the basis for trade.

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