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.

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?

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

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