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Using your economics knowledge after going through the course so far, please explain or answer the following statement or question: a. What is the definition
Using your economics knowledge after going through the course so far, please explain or answer the following statement or question: a. What is the definition of economics? Please discuss in detail the major terms used in these definitions--such as scarce, resource, and allocate, and distinguish between Microeconomics and Macroeconomics. b. Explain the role of a manager in the corporation. Explain the relation of this role to the microeconomics theories c. What does it mean by economic efficiency? Perfect competition? How does less than Perfect Competition impact the working of markets with reference to Monopolies and Oligopolies? d. What do economists mean by the term "Externalities" with reference to the following: Negative Externalities? Positive Externalities? e. Provide an example of cluster development in Indonesia, and please discuss the ingredients needed to promote the cluster
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