Assignments X Economics: Assignment #1 - Goc X + cument/d/129pcnL_nl_RQoqJMZYEKYQmQ7dgnzmk6roG8NDV9Y6k/edit #1 4 0 0 mat Tools Add-ons Help Last edit was 3 days ago Normal text Arial 12 + B J U A . G P . = = = 3 5 1. Scarcity, economic resources, opportunity costs/benefits and economic development from chapters one and two-- (a)Why is economic growth an important ingredient to a nation's economic stability and welfare? (b) What are four of the key ingredients that cause economic development (name/list four key ingredients)? | (c) Also name or identify three factors that may negatively impact economic development in a country and name one country as an example. 2. Define- (a) What is simple interest, (b) discount interest ( present value of money) and (c) compound interest (future value of money) (definitions - from chapters one and two or from other resources (d) Suppose you save $10,000 today at an interest rate of 10%, how much will you have in savings after 7 years from now if you did not take any money out during the entire seven years?( use future value formula). (e) Suppose you lend a friend $5,000 to be paid in a lump sum after five years (5) at 8%. What is the Present Value of the $5,000? acer