1Briefly discuss with an example the fundamental economic questions that all economies must address.

2(a)Usingasuitablegraph,explaintheproductionpossibilitiescurve. (b) Whatdothepointsinside,outsideandonthecurveindicate?

3Whatis'scarcity'andwhydoesitexist?Pleaseprovideexamplescenario.

4Brieflyexplaintheterm"opportunitycost"andpleaseprovidewitharelevantexample.

5Briefly explain the difference between the Islamic economic system and capitalism. (U can develop a comparison table to indicate the differences).

6Please provide example of a country that practice capitalism and socialism, respectively. How is their economic performance?