Discuss the following scenarios applying the concepts and ideas developed in First principles

1. According to Principle 8, markets usually lead to efficiency. Consider the following products: medicine, defence, and a subway transit system. If these products were supplied by markets, would they be efficient? Explain

2. Many issues in medicine illustrate scarcity and economic choices. For example, a liver transplant costs $200,000. Should everyone who has liver disease get the transplant regardless of his or her ability to pay? If everyone cannot get one, should a very old patient or a young patient get the transplant? As a second example, we now have the technology to save premature babies who are below 1,000 grams in weightdespite a high probability that these children will be handicapped. Should we use society's scarce medical resources to save them?

Provide as much information as possible detailed in-depth And Farro regarding macroeconomics first principles Concepts and ideas