Part 1

1. Provide a definition of economics

2. How does microeconomics relate to macroeconomics?

3. When nations desire a healthy macroeconomy, they typically focus on several goals, name at least 3 of them.

4. What is the importance of division and specialization of labor?

5. What is scarcity? how does it affect your decision making?

Part 2

Read the article below:https://www.powelltribune.com/stories/community-college-a-better-alternative-than-a-gap-year,26056 and view the video:https://www.youtube.com/watch?v=nAoZayFk5ww

Write one two paragraphs where you pick to go over one of the following questions:

1. Has the opportunity cost increased because of the current pandemic? has it increased or decreased as of recent? why might this be the case? (provide your reasoning)

2. If we choose to skip a year of college, what activities could replace the college experience as well as increase our skill sets for a future job opportunity or coming back to school? (explain your reasoning)

3. If instead of going to college, we decide to attend trade school rather than a regular college, what are the benefits and the costs of doing so? would you go back to college afterwards? (explain your reasoning)

Part 3

MB MC Problem Set Task

Imagine the total benefits and costs of hiring a certain number of workers in a restaurant:

-Total Benefits ($) measures the revenue of sales in a restaurant. -Total costs ($) measures the cost of hiring a certain number of employees. -Net Benefits ($) is the difference between Total benefits minus Total costs. -Marginal benefit ($) is the additional benefit of hiring an additional worker. -Marginal costs ($) is the additional costs of hiring an additional worker. -Profit ($) is the difference between Marginal benefits minus Marginal costs.

Quantity (number of workers)	TB (Total Benefit)	TC (Total costs)	NB (Net Benefit)	MB (Marginal Benefit)	MC (Marginal Costs)	PR (Profit)
0	0	0
1	1,000	300
2	1,700	700
3	2,200	1,200
4	2,600	1,800
5	2,900	2,600
6	3,000	3,600

A) Fill the table above B) Draw the MB & MC graph making sure to find the ideal number of workers to hire (Q). C) Plot all the points according to the graph. D) Label the X axis (Quantity) and Y axis (Marginal benefit and Marginal costs) accordingly.

*Hint: To find the ideal number of workers to hire we need to find the Quantity where you are able to increase the largest number of workers to be employed where MB >=MC.