Microeconomics

Chapter One. Please list and answer the following questions from chapter one: 1. What are the three basic questions every economy must address? 2. What is globalization? How do you think globalization affects your economic decisions? 3. A. The Textbook explains that households are sellers in the labor market. What does that mean? Who is the buyer in the labor market? B. The Textbook explains that individuals can be both sellers and buyers in the financial capital market. What does that mean? Chapter 2: For your own understanding, be ready to define and give an example of the Textbook chapter two's s sidebar definitions of key terms: (You do not need to include with the assignment.) Please list and answer the following questions from chapter Two: Answer each of the following questions: 1 Explain the conditions that lead to economic scarcity? 2 Name the three main categories of economic trade-offs. Give an example from one of your economic decisions that illustrate one of these trade-offs. 3- What are the three main components of interest rate? 4- Why is a production possibility frontier curved? (See the textbook section in chapter two titled "The shape of the Production Possibility Frontier and Diminishing Marginal Returns." Also see the content topics titled 'Opportunity cost video" and "Production Possibility Frontiers video":uviii:) 6- What is the difference between a positive and normative statement? 7- Overall do you think self-interest is a good thing for society? (In your answer please consider the benefits of new inventions and innovations for both consumers and producers)