After reading Principles of Microeconomics, please provide at least one example of each type of economic resource (land, labor, capital, entrepreneurship). Furthermore, be prepared to provide examples of how the five parameters (incentives, trade-offs, exchange, information, distribution) link scarcity and choice for the resource examples that you provide.

In addition, consider the response of at least two other students and constructively evaluate possible shortcomings in the classmates' examples of the five parameters.Please keep the reflection questions in mind as you watch the following videos.

Reflection questions and their respective Video links:

Production Possibilities Frontier. Retrieved fromhttps://www.khanacademy.org/science/microeconomics/choices-opp-cost-tutorial/production-possibilities/v/production-possibilities-frontier(Links to an external site.)

1)What is the law of increasing opportunity cost?

2) Does the law of increasing opportunity cost apply for the Production Possibilities Frontier in the case of Rabbits and Berries?

3) If the opportunity cost of Rabbits with respect to Berries (and/or vice versa) was constant, what would the PPF look like?

Comparative Advantage Specialization and Gains from Trade. Retrieved fromhttps://www.khanacademy.org/science/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-specialization-and-gains-from-trade(Links to an external site.)

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Why is opportunity cost essential in the determination of comparative advantage?

Comparative Advantage and Absolute Advantage.Retreived fromhttps://www.khanacademy.org/science/microeconomics/choices-opp-cost-tutorial/gains-from-trade-tutorial/v/comparative-advantage-and-absolute-advantage(Links to an external site.)

From an economics viewpoint, why is comparative advantage a more appropriate measure than absolute advantage?

Expected Time on Task: 0.5 hour