The Basic Economic Problem of Scarcity - Economics Assignment Help

Assignment Task

QUESTION ONE - Fully discuss how the production possibility frontier demonstrates the basic economic problem of scarcity 

QUESTION TWO
a. Using demand and supply analysis, explain the effect on the equilibrium price and Quantity of a good or service if the number of buyers in the market for this good or service increases.

b. Discuss the type of price control that a government would implement if it wishes to impose a national minimum wage. Include in your answer the economic effects of such a price control. Motivate your answer with the aid of a diagram.

QUESTION THREE 
Examine the impact on total rey_enup in_terms.of an elastic demand cuattand inelastic demand curve. Use diagrams to motivate your answer. 

QUESTION FOUR
Discuss in detail the macroeconomic circular now diagram. Substantiate your answer with the aid of a diagram.
 

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