6 Safari File Edit View History Bookmarks Window Help 0 '5? 1)) 6%93- Tue5215PM Q 6 EE . O

Safari File Edit View 4) History Bookmarks Window Help Tue 5:15 PM O Q e ctccs.blackboard.com O ooo ooo Short Answer Questions: 1. ) What does the term "economizing problem" mean for an individual and for society? As part of your answer, include the four economic resources and the opportunity cost in your answer. ALSO...define by example (one sentence each) the following: "other things equal" assumption, productive and allocative efficiencies and consumer sovereignty. 2.) What are the four assumptions in the production possibilities curve and how can unemployment be illustrated with that curve. You do not need to draw it, you need to explain it. Additionally, what does it mean when the curve shifts to the right? 3.) Explain how the market system provides a strong incentive for technological advance and creative destruction. Within your answer, provide 3 virtues of the market system. How does the circular flow model fit into this discussion. Please be specific and use examples. 4.) Research and provide the link for...any product or service that may have been introduced in the last year that would demonstrate how a demand or supply curve could move to the right or the left. Accessing the Determinants of Supply and Demand in Chapter Three would be a great help in this question. Be clear and detailed in your review and do not forget the link!!! Each of these answers must be thorough and in your own words...not the book's....in order to be worth the full number of points! In other words, full paragraphs and thorough explanation would be important. PS...BE AWARE THAT I AM EXPECTING INDEPENDENT RESPONSES...DUPLICATE ANSWERS MAY INDICATE COPYING OR PLAGIARIZING CAN RESULT IN A ZERO FOR THE QUESTION OR EXAM. Safe Assign is a plagiarism check attached to the assignment area. ADDITIONALLY...ALL ANSWERS MUST COME THROUGH THE SUBMISSION AREA ONLY!!! Additionally, DO NOT TYPE in the Comment area...submission only...only Word Documents will open in Blackboard; while the exam will stay open, you are only allowed one submission so please make all of your corrections and include the required link in Question 4...do not email me any of the test or delayed responses as they will not be accepted in the test format or guidelines. Good Luck, PROFESSOR MAROTTI NOO@ Q ,