1.1 Examine the following economic concepts in terms of the basic economic model of the production possibility frontier. Use examples to motivate your answer.

1.1.1 Efficiency

1.1.2 Scarcity

1.1.3 Opportunity cost

1.2 Demonstrate the economic impact of an investment of resources for an economy in the production of both the goods that it produces. Use the production possibility frontier as the basis for your answer.