1. How is economics often referred to as a science?

2. Name ways that your family interacts in the factor and production market. See Circular Flow Diagram

3. Draw and Production Possibilities Frontier for a country that produces milk and cookies. What happens when a disease kills many of its cows on milk production and draw and explain as to what happens to your graph?

4. Draw your own Production Possibilities Frontier and tell what an efficient outcome looks like on the graph. You can use your original milk and cookie graph. No re-draw and explain as to what happens to that graph?

5. Discuss and offer an example of differences between both a positive and normative statements?

6. Why do economists disagree?