Individual Assignment, Group Assignment & Class Discussion total 5 points each week. (8 Weeks x 5 points = 40% of the grade).

Discussions are 1 point each week, Group Assignments are 2 points each week, Individual Assignments provide choice, and a total of 2 points each week.

In Microsoft Word, type your answers and insert your drawing. Submit to this assignment.

(Through the use of the text)

1. Define Micro/Macro Economics (p. 5)
2. List the four scarce resources (p. 9)
3. Explain the cost involved when you make the choice to create more robots & the cost involved when you create more pizza on the pizza & robots table. (p. 10) Also, explain the economic rationale behind the law of increasing costs. (p. p.10)
4. Draw the production possibility curve & explain the points inside, on, & outside the curve (p. 11 & 13)
5. List & explain the economic systems (p. 27)
6. Explain three of the characteristics of the market system(p.29)
7. List & explain the five fundamental questions (p. 32)
8. Explain the concept of the Invisible hand, its 3 virtues, who created it, when & in what book. (p. 36)