Economics Unit 1

For the Unit 1 Complete assignment, write a narrative essay (minimum of 1200 words) which addresses the questions and statements below. When finished, the essay should demonstrate a thorough understanding of the READ and ATTEND sections. A minimum of three scholarly sources are required, and all sources should be cited and referenced in APA format.

1. Define the term “scarcity”. Explain how scarcity applies even in a “rich” country like the United States.

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2. Contrast positive economics and normative economics? Give an example of each.

3. The person who smokes cigarettes cannot possibly be think- ing in terms of costs and benefits because it has been proven that cigarette smoking increases one’s chances of getting lung cancer. Evaluate the part of the statement that reads “the person who smokes cigarettes cannot possibly be thinking in terms of costs and benefits”?

4. Describe how each of the following would affect the U.S. PPF:
(a) a war takes place on U.S. soil,

(b) the discovery of a new oil field,

(c) a decrease in the unemployment rate, and

(d) a law that requires individuals to enter lines of work for which they are not suited.

5. Explain the condition that gives a PPF a bowed outward (concave downward) shape. Identify an example of this law.

textbook:
Arnold, R.A. (2019). Economics (13th ed.). Cengage Learning.

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