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What are the basic economic resources? Explain the difference between absolute advantage and comparative advantage. Illustrate (using production possibilities frontier) an economy operating at full
- What are the basic economic resources?
- Explain the difference between absolute advantage and comparative advantage.
- Illustrate (using production possibilities frontier) an economy operating at full production capacity, label it as pt A; an economy operating less than full production capacity, label it as pt B; and an economy operating at a desirable level but unattainable given resource limitations, label it as pt. C.
- What are the main sources of economic growth?
- What are the types of economic systems? Kindly provide examples.
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