Answer ALL of the following questions.

Explain all sides of the question. Give all details and facts. Give examples. Your job is to convince me that you are an expert on the question you choose. Think about your text readings, your notes, the study guide, class discussion / lecture, and activities. Cite your information

1) Create hypothetical situation where you correctly use the following words: Opportunity Cost, Underutilization, Want, Scarcity, and Entrepreneur.

2) Illustrate the idea of 'thinking at the margin' by creating a T.A.T.M. chart. Show options, Benefits, and Opportunity Cost.

3) Some economists consider entrepreneurship to be a fourth factor of production in addition to land, labor, and capital. Other economists consider entrepreneurship to be a special category of labor. Which group of economists do you agree with? Why? Come up with an example as to why this could be true.